Before you start exploring the different Medicare health plans, let’s have a closer look at what Medicare is. In general, the provider is a private company that has contracts with Medicare to provide hospital insurance and medical insurance. It applies to those who are part of the medical insurance plan.
Medicare hospital insurance and Medicare medical insurance are two different things. The former is referred to as Medicare Part A and covers the in-patient stay in the hospital, hospice care, and home health care services. While the latter, referred to as Medicare Part B, includes most of the outpatient care services, certain doctor services, and most of the medical supplies.
It is essential to know that Medicare Health Plans includes the following:
- Medicare Advantage Plans
- Other Medicare Health Plans
Medicare Advantage Plans
You might find yourself confused as to what is the better choice: signing up for a Medicare Advantage Plan or just settling for the original Medicare. Don’t let that confuse you since having a Medicare Advantage Plan unlocks features that you might find useful. Medicare Advantage Plans cover you with the same benefits as Medicare Part A and Medicare Part B.
However, it comes with value-added benefits, such as dental care services, hearing aids, vision care services, and covers most of the drug prescriptions.
But you should be aware that there are certain restrictions in Medicare Advantage Plans. Some of these are the following;
- Usually, there is no nationwide coverage.
- The possibility of higher fees.
- The fact that there are plenty of Medicare Advantage Plan options might be overwhelming to choose from.
Other Medicare Health Plans
Some Medicare Health Plans that provide the same health care coverage but are not Medicare Advantage Plans. These cover Medicare Part A, which is hospital insurance, and Medicare Part B, which is medical insurance. But always check that those Health Plans provide both Part A and Part B because most of them provide Part B coverage only. Some provide Part D, which is the Medicare prescription drug coverage.
There are also plans known as Medicare Cost Plans. But as mentioned earlier, you must take a closer look before availing this kind of plan. Why? Check on these;
- These are available only on certain parts of the country;
- These plans are available only if there are fewer than two Medicare Advantage Plans in your county;
Keep in mind that you can apply for Medicare three months before you reach the age of 65. But if you are receiving social security benefits, then you are automatically enrolled in the program. You can also apply for Medicare even if you turn 65 years old. But since there’s a lapse in coverage and you registered late, you might face a penalty. But remember that even if you haven’t reached the age of 65, but you are suffering from disabilities or end-stage renal disease, also called end-stage kidney disease, you can still avail of this.
Whether or not you plan to sign up, keep in mind the advantages, it would provide you and your family in the course of a medical emergency. Check the specificity and restrictions, if there’s any. See to it that you could maximize the benefits. Details above show you the kind of Medicare plans that are available and the benefits you can avail.
However, you must sit down and review all your healthcare needs before availing of the coverage. Remember, although Medicare Advantage Plans offer many benefits compared to Original Medicare, it does have certain disadvantages too. For instance, the additional costs and scarcity of coverage. At the same time, you are traveling, naming a few.
Overall, Medicare Health Plans are a necessity and not a “luxury.” It is essential to secure the future as early as possible, and soon as you can. Come to think of it as an investment that sooner or later, you will be harvesting the benefits without compromising the financial aspect of your life and your family. In reality, every individual should have a specific plan for their future. And that’s where Medicare Health Plans enter the scenario.