Medicare health insurance is open to people from the age of 65 years and older. It takes care of prescription and supplement plans. Medicare is split into sections with different plans and costs, but what exactly does Medicare cover? We'll take a look into Medicare plans and what they offer.
Part A: Medicare Part A covers in-patient hospital care, care in a Skilled Nursing Facility (SNF), skilled care at home, and hospice, taking care of medical treatments costs. Beneficiaries of this plan have to pay a deductible and some coinsurance regarding their medical treatments for the year.
Part B: This plan covers medically necessary services given by health professionals to diagnose or treat your condition. It generally covers expenses that did not occur in hospitals and takes care of the cost of medical equipment such as wheelchairs. Medicare Part B also covers ambulance services, preventative services, outpatient prescription drugs, mental health services, and chiropractic care.
Part C: This plan offers the benefits of Original Medicare (Plan A and B) and more. With Plan C, you'd have access to dental care, vision care, fitness center memberships, wellness programs, and hearing care. It can be combined with Plan D to offer prescription coverage. Both Part C and Part D combined are known as Medicare Advantage Prescription Drug (MAPD) plans.
Part D: This is a drug plan that makes provisions for prescription coverage. To sign up for this plan, you must have enrolled in Part A or B. In addition, the beneficiary must reside around the area where the service is situated.
Medicare Supplement (Medigap)
Original Medicare insurance goes together with a Medigap policy. Medigap plans are sold by private insurance companies and aid in the payment of healthcare expenses such as deductibles, copayments, and coinsurance. This fills in the gap for Original Medicare. Then beneficiaries can use their Medicare and Medigap cards during visits to the medical doctors.
Medigap plan does not include prescription, and the beneficiaries can also use any hospital or doctor, given that they accept Medicare. Sometimes, selecting the most suitable plan can be tricky because after signing up for HMO plans, you could discover that your doctors are not a part of the network.
If you have enrolled in Original Medicare alone and a plan for Medigap, you can register for a drug prescription-only plan (Medicare Part D). Beneficiaries with a higher income make payments depending on their income. This is called the Income-Related Monthly Adjustment Amount, and this goes into the federal government's purse.
Suppose you do not enroll for Part D at the time of eligibility, or you leave Part D to come back later. In that case, you will have to make payment for late enrollment as a penalty, provided you have Part D. The amount payable for late registration depends on how long the person went without reliable prescription coverage.
At Silver Crest Insurance, we provide you with Medicare options and guide you to select the best plan for your needs! Contact us today!