Health insurance can seem complicated and confusing at times. You might be wondering what the best type of insurance is for you, what it covers, and how much it costs.
Medicare is an affordable type of insurance for people ages 65 and older or younger people with disabilities. But before you enroll, you should know the different types of Medicare plans available to you.
Keep reading for a quick guide to the types of Medicare plans.
Medicare and Medicare Advantage
The first distinction between kinds of Medicare is regular Medicare and Medicare Advantage. Traditional Medicare is the one you may be more familiar with. People over 65 are eligible and it has subtypes called Medicare Part A, Part B, Part C, and Part D.
Medicare Advantage are health insurance plans that are approved by the federal government. These plans are run by private insurance companies.
Let’s first take a look at the traditional Medicare offering.
Medicare Part A
Medicare Part A covers hospital care. It also includes hospice care and skilled nursing facility care. Part A sometimes covers in-home care depending on the individual’s situation.
Medicare Part A does not require monthly premiums as long as the individual paid Medicare taxes during his or her life.
Medicare Part B
Part B covers regular doctor’s visits and preventive care. All of your tests, lab work, and chronic care management services are covered by Part B. Medicare Part B is intended to supplement the services covered by Part A.
With Medicare Part B you will typically have to pay a deductible and/or copay for your medical care visits.
Medicare Part D
Medicare Part D covers the cost of prescription drugs. This part of Medicare is offered by private health insurance companies. You can choose a Part D plan on its own or as a part of your Medicare Advantage (Medicare Part C) plan.
Part D usually requires an annual premium and deductible. You can get more information on purchasing Medicare Part D from MedicareWire.com.
Medicare Part C (Medicare Advantage)
Medicare Part C is also known as Medicare Advantage. It covers the services of Medicare Part A and Part B and is more similar to a traditional form of private insurance.
With Medicare Part C you choose a primary care provider who can approve referrals to any specialists within your network that you may need to visit. Because you have to stay in-network with your health care services, Medicare Part C plans usually have lower copay and deductible costs.
Medicare Part C also offers vision, hearing, and dental services that may not be offered by Parts A and B.
Choosing Between Types of Medicare Plans
You can choose between types of Medicare plans based on your personal health care needs and your budget. Consider which services are most important to you or that you use most often.
You may also be able to purchase supplemental insurance to cover anything that is not already covered by the Medicare plan you choose.
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