With over forty million members, Medicare is the large US health insurance plan for retired and disabled people.
Probably because it provides health coverage to so many people, there are a lot of options. People can choose how to get their health covered. Choices are good, but they can also make the right decision harder to make.
Before deciding on a health plan, understand the basic way that Medicare works. The original plan included Part A and Part B to cover medial and hospital care. But even these plans will leave you wil out of pocket costs. Why? They do not cover all medical services. And they do have copays and deductibles for covered services.
For an extra premium, a beneficiary could purchase a medicare supplement plan. Health insurance companies sell these to cover deductibles and copays.
A new option is called MA (Medicare Advantage). Some people still refer to it as Medicare Part C, but this is a little misleading. The plans do not supplement the original plan. Instead, members will find these plans work alone to provide health coverage. They are partially funded by tax money that would have funded that person’s Part A and B.
Some people mistake MA plans for supplements. They are different. An Advantage plan will provide all coverage, and that plan will be used instead of Part A and Part B.
Prescription coverage comes from the newest type of plan. These are called Part D plans. They help cover the cost of prescription medication. They do come from health insurance companies, and they may require a premium, but are still funded with some tax dollars.
So which plan is right for you? That choice depends upon your own situation, budget, and needs. It is important to understand how they work so you can make the best choice.
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