Medicare Medical Insurance - Finding A Cheap Plan
If you are a Medicare beneficiary looking for health insurance
, you have a lot of choices now. You may find that having so many choices leads to confusion. This article is here to help makes sense of it all.Medicare now has Part A, Part B, Part C and Part D. Each component insures you in a different way.
Original Medicare consists of Part A and Part B. Part A pays for care received in the hospital primarily. Part B pays for medical care in the doctor's office.
Even if you have both Part A and B your is not complete. For this reason, many chose to get a Medicare Supplement contract.
Medicare Supplement is also known as Medigap. A Medigap contract can to a great degree lower your liability for the things that Original Medicare will not cover. These policies can pay for your deductible in the doctors' office. They can also pay some of your coinsurance and copayments. None of the policies sold at this time will cover any of your prescription medicine costs.
You can get insurance for medicines. Part C will sometimes cover prescription medicine costs. Part D is a standalone plan that only covers prescription costs.
Part C is not a supplement. It is designed to cover much of the same health expenses that are covered by Medicare Part A and Medicare Part B and a Medicare supplemental contract.
Unlike Medicare Part A and B, the benefits are not provided by the tax dollars. Medicare Part C benefits come from private medical insurance carriers.
Medicare Advantage is another name for a Part C plan. At this time these policies are cheap and are a great choice for many seniors and Medicare beneficiaries.
The one major drawback of purchasing a Medicare Advantage policy is that it doesn't cover you well if you seek care from out of network providers. You will be covered if there is a medical emergency when you go to a doctor that is not in the network, but routine care will only be covered in rare situations.
Medicare Part D is prescription drug insurance. These policies provide much needed insurance for drugs. Before these policies became available the plans that covered drugs were over priced and inadequate for many.
Rx insurance is not included in Medicare Part A or Medicare Part B. None of the currently sold Medicare Supplement policies provide this insurance. You can get Rx coverage through some Part C policies.
There are two ways recommended ways to get coverage that will take care of most of your medical needs. You can have Medicare Part A, Medicare B, a Supplement and a Part D medicine contract. Alternately, you can have a Part C contract that provides the same basic coverage.
Each option has its own pros and cons. The best choice for you may not be the right choice for your neighbor.
For many Medicare beneficiaries, it comes down to how well the Part C network works for you. Part C is almost always the less costly option, so other criteria must be used to determine which option is best.
Since routine care isn't usually paid for if you seek care outside of the network, the network is a very important issue when making a selection. If your doctor is not in the network of a Medicare Advantage plan, you may want to keep Original Medicare and stay away from a part C contract. If you spend a lot of time away from home and will need routine care in an area not serviced by your policy, you may want to keep Original Medicare.
Once you have decided on what type of plan you need, you can go through the process of getting competitive quotes and determining which company and which contract will give the best combination of price and value. There are many Internet sites that provide instant senior medical insurance prices.
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