Understanding Medicare

by Cora Everts on January 11, 2013

medicare123Medicare is not a tricky subject but if you are about to make the transition to Medicare coverage then you know that the insurance companies are flooding you with information that muddies the waters of understanding.  To get a better understanding let’s look at the parts of traditional Medicare.

Medicare Part A

Part A is the oldest part of Medicare and is designed to help with the medical costs of being admitted into the hospital.  The insurance has both deductibles and coinsurance.  It also provides coverage for skilled nursing care and hospice care but both have copays.

Medicare Part B

Part B is designed to help with out patient services.  So if you are not admitted to a hospital but receive care then this part of Medicare will help with the cost.  This includes doctor’s visits and minor surgery.  There is both a deductible of $147 and coinsurance of 20% that goes along with this part of Medicare.

Medicare Part D

Part D was designed to help with the cost of prescription drug coverage and is the most recent addition to Medicare coverage.  It will not cover all costs but it can be tailored to each individual to make sure that your prescriptions can be obtained at a great discount.  The cost of each one of these plans varies based off of what medications you are taking.  If you are not taking any medications then you can get a plan as low as $15 per month.

Medicare Supplement Insurance

Medicare supplements, also known as Medigap plans, have been designed to cover the gaps left by Medicare Part A and Part B.  Most people choose to add one of these plans so that they can make sure there are no large expenses that result from a hospitalization or ongoing medical condition.  Medicare supplement plan F is the most popular plan of the ten available Medigap plans.  It’s popularity can be attributed to the fact that it will fill all of the coverage gaps.  While the other plans can still meet your needs they do not offer the same comprehensive coverage of Medicare supplement plan F.

The ten plans are standardized across the United States except for in Massachusetts, Wisconsin, and Minnesota, where they have adopted their own plans. If you buy one of the available Texas Medicare supplement plans, you are going to be afforded the same coverage as the identical plan in Pennsylvania, Ohio, Georgia, etc.

Knowing all this information will allow you to make the best choice for your Medicare needs and make sure that when you do need your Medicare insurance you are not left holding a large bill.

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