Chances are that you have heard of Medicare – chances are that you qualify for Medicare. But what IS Medicare? Why do you need it? And what are your coverage options? Before enrolling in Medicare coverage, we are going to look at a few different basic facts that seniors have to know about.
Different Benefits With Different Plans
There are a number of different Medicare insurance options, what are the different options that you have? These are the different aspects of Medicare that you might deal with.
- Original Medicare – These cover basic medical and hospital care, and are also known as Parts A and B. You will be automatically enrolled in Part A once you turn 65.
- Medigap or Medicare Supplement – Some costs are not covered by the Original Medicare; these plans may help you pay for some of those added health care costs.
- Part C or Medicare Advantage – This is a private insurance option and it covers the benefits that you get in Plan A and B. There is also prescription drug coverage available in many Medicare Advantage plans.
- Part D or a prescription drug plan – This offers coverage for different prescription medications.
Medicaid Is Not Medicare
While both options SOUND very similar, they are very much different programs. People over the age of 65 can rely on Medicare as a health insurance coverage program. Meanwhile, Medicaid is a federally-funded health insurance program that is traditionally reserved for people with low incomes. People with disabilities or pregnant women might also receive coverage through Medicaid.
Pay Attention To The Prescription Drug Coverage You Need
Because it covers different prescription medications, Medicare Part D is a little different than the other options that you have. Make sure that you know what prescriptions you or your loved one need right now, or are likely to need in the immediate future. Before you decide upon Medicare Advantage or Part D plan options, it is important to review your specific needs.