In the American health care system, health insurance is often provided by employers or purchased through private means. But what happens as you age and retire and no longer work? Are you expected to pay for health insurance out of pocket? If you worked in the American workforce for a certain period of time and paid taxes into the Medicare system, then no, you are not left to your own devices for medical coverage. You are eligible for Medicare coverage.
Medicare is government-run insurance for people over the age of 65 or those with certain disabilities. Medicare is a federal program and therefore has the same standards across all 50 states, but there are several different types of medicare health plans to choose from.
Medicare Part A
Medicare Part A, hospital insurance, is the part of Original Medicare that covers hospital stays. This plan includes the cost of inpatient care in a hospital, nursing facility, home health care, or hospice. This part does not include the cost of treatment, though, only the costs involved with the facility stay. Treatments are covered under Part B.
Medicare Part B
Part B Medical Insurance is the part of Original Medicare that covers medically necessary services. This includes visits to the doctor and treatments or procedures such as lab work, X-rays, and supplies needed to diagnose and treat your condition. Most preventative services are covered.
Part A and Part B are parts of Medicare known as Original Medicare and are typically purchased together as a fee for service plans. If you do not sign up for Part A when you initially qualify, you may pay a penalty.
Medicare Part C
Medicare part C is an option to bundle the services you would receive under Part A and Part B under one plan. These plans are offered by Medicare-approved private companies operating under Medicare guidelines. They offer more variations for personalization towards your specific needs and may include additional coverages such as vision, hearing, dental, drug, and travel coverage.
Medicare Part D
A Medicare Part D plan is an optional prescription drug coverage. This prescription drug plan covers the cost of prescriptions. There are several variations of prescription plans. These are typically managed by private companies, and you may have the option to enroll in prescription coverage through your Medicare Advantage Plan.
Medicare Supplement Insurance
An additional type of Medicare plan is supplement insurance, also known as a Medigap plan. This insurance is not offered under the government-run Medicare system but by private companies to pay the remaining percentage of health coverage that Medicare does not cover. This helps to minimize your out-of-pocket costs.
Medicare Help from Patriots
If you have further questions about what Medicare includes, what these plans offer, or how to sign up for a plan and receive your medicare card, we are here to help. Our team at Patriot Insurance Brokers specializes in Medicare and prides ourselves in helping you with all of your insurance needs every step of the way. Call us today with your Medicare needs and questions.