With so many different types of Medicare insurance available to choose from, it is no wonder why so many people find themselves confused and overwhelmed by the task of selecting the Medicare policy that is best suited to their needs. Thankfully, this task can seem much more manageable once you understand what is covered by each different type of policy. That is why this article seeks to better explain the differences between the many different types of Medicare insurance coverage available so that you can ultimately choose the coverage that is right for you.
Basic Or Original Medicare
Original Medicare, or basic Medicare as it is sometimes called, offers coverage for both outpatient healthcare and hospital care. You may hear these types of coverage referred to as Medicare Part A and Medicare Part B. While this type of coverage will cover most of your primary medical needs, it does not include coverage for things such as prescription drugs. This type of Medicare insurance coverage will also require you to cover the cost of any co-payments out of your own pocket.
Medicare Advantage
Medicare advantage plans seek to combine the coverage of a basic Medicare plan with a prescription drug plan. This type of prescription coverage is also commonly referred to as Medicare Part D. Medicare advantage plans must be purchased through a private insurance company and may not be available in all areas. If there are no insurance companies in your area offering Medicare advantage plans, you may be able to purchase a Medicare Part D plan separately in order to provide the prescription drug coverage that you need.
Medigap Or Medicare Supplemental Insurance
Whether you choose a basic Medicare or a Medicare advantage plan, there will still be some gaps in your coverage. For example, neither of these two options typically offer coverage for things such as co-payments and deductibles. Medigap or Medicare supplemental insurance coverage aims to fill in all of these gaps. These insurance plans are sold through private insurance companies and will require you to pay a separate premium each month in addition to any costs associated with the Medicare coverage you already have. However, purchasing a supplemental insurance policy can actually help to lower your overall healthcare costs each year by allowing you to avoid many, if not all, out-of-pocket expenses that are typically associated with your ability to take advantage of your basic Medicare coverage.
For more information, contact a local Medicare insurance service to learn more.
Share22 September 2021
I still remember the first time I had to chose an insurance policy; I was 17 years old and had just saved up enough money to afford my very first car. I was so excited to begin driving, but overwhelmed with all of the different auto insurance options. My father helped me chose a full-coverage policy that would cover the cost of my car if it were to become damaged in an accident. When I inevitably caused a small fender-bender as a new driver, my insurance company paid for my car repairs, so it sure was the best policy for me! Now that I am older and have learned a lot about home insurance and other types of insurance, I thought I would make a blog to help others who need insurance advice, like what my dad gave me. I hope I can help you make wise insurance decisions!