There are two main categories where the current landscape of the senior health plan may be divided into: Medicare and Medigap. Any senior who is 65 years of age or older is eligible for Medicare, but it does not cover every health-related service that seniors may need. There is Medicare Supplemental Insurance (also known as Medigap) to fill those gaps in Medicare coverage. Below are a few important points you should bear in mind when researching senior health plans.Want to learn more about Medicare Health Plans Near Me
There are four parts of Medicare
Medicare Part A: Seniors are eligible for free Medicare Part A coverage when they turn 65 if they pay enough Medicare taxes while they are employed. If you are eligible for Social Security benefits, you will likely be eligible to receive premium-free Medicare Part A coverage. However, Section A provides coverage only for hospital services, such as private hospital care and skilled nursing facilities.
Medicare Part B: Medicare Part B covers doctor’s visits, outpatient care and other general medical services, but requires a standard premium of $96.04 per month. For seniors with above average incomes the monthly Part B premium is higher.
Medicare Part C: Medicare Part C (also known as the Medicare Advantage Program) relates to more comprehensive insurance plans that private insurance companies sell to seniors. The benefits of Part C include compensation provided for in Sections A and B, as well as dental, vision and other benefits. Part C also often includes coverage under Part D. In addition to the premium required for Part B coverage, some Part C plans require payment of a separate prime.
Medicare Part D: Part D, the fourth and final portion of Medicare lets seniors pay for their prescription drugs. Seniors with Medicare can enroll in Part D in one of two ways: by selecting a Part C plan that includes Part D coverage, or by selecting a separate Medicare-approved plan provided by a private insurer.
Understand Medigap plans
Medicare Supplemental Insurance Plans (Medigap), like Medicare Part C, are provided by private insurance providers and have more comprehensive coverage than Medicare Parts A and B. Although premiums for Medigap plans are typically higher than premiums for Part C Medicare Advantage plans, the applicable deductibles and copayments under Medigap plans are frequently lower.
Important Tip: Since both Medigap and Medicare Part C (Medicare Advantage) plans are intended to fill the remaining gaps in healthcare coverage after the application of the standard Medicare Part A and Part B benefits, buying both is unnecessary and in fact wasteful.
Specific Medigap programs are each classified by alphabetical letters, like the four sections of Medicare. There are ten different planes for Medigap: A through D, F, G and K through N. Comparing Medigap plans sold by various insurers is very simple, because the benefits of all Medigap plans are standardized: all plans designated by the same letter provide the same coverage and benefits. Often, the only difference between the different insurers offering Medigap plans is their cost.