Medicare plans are a type of health insurance coverage for those who are 65 years or older, have certain disabilities, or have end-stage renal disease. There are a few main types of Medicare plans, each with its own set of benefits and coverage limits.
Discover the main types of Medicare health insurance plans below and find out which one may be right for you.
Medicare Part A
Medicare Part A is the hospital insurance portion of Medicare. It covers inpatient care in hospitals, hospice, skilled nursing care, and some home health care.
Part A is premium-free for most people who have worked and paid Medicare taxes for a minimum of 10 years. If you don't meet this requirement, you can still enroll in Part A, but you will have to pay a monthly premium.
Part A also has a deductible, which is the amount you must pay for covered services before Medicare begins to pay. Once you meet your deductible, you will only have to pay a copayment or coinsurance for covered services.
One important thing to remember about Part A is that it only covers medically necessary services. If you receive non-essential services, such as cosmetic surgery, you will be responsible for the entire cost.
Medicare Part B
Medicare Part B is a federal health insurance program that also helps cover the costs of medical care. Part B is optional, but most people who have Medicare choose to enroll because it helps cover the cost of services like doctor visits and precautionary screenings. Part B also covers some mental health and outpatient care services.
To qualify for Part B, you must be enrolled in Medicare Part A and be a US citizen or legal permanent resident. You will have to pay a monthly premium for Part B if you choose to enroll. The premium for Part B varies depending on your income and whether you have other health insurance coverage. You may also have to pay a deductible and copayments for some services covered by Part B.
Medicare Part C
Part C of Medicare is also known as the Medicare Advantage plan. This is a type of health insurance that a private company provides, but it still must follow all of the rules and regulations that Medicare sets.
The advantage of this type of coverage is that you may have a broader range of benefits than what is offered under Part A and Part B. For example, some plans will cover dental and vision, as well as prescription drugs.
You may also have lower out-of-pocket costs with a Medicare Advantage plan. In addition, you may be able to get additional perks, such as a gym membership or transportation assistance.
Before enrolling in a Medicare Advantage plan, speak to an expert to compare different options and see which one is right for you.Share