Medicare insurance pays benefits only for the services received, not for services already performed or covered under Medicare Parts A or B. Medicare Advantage plans to participate in Medicare Parts A and B, plus can help cover costs for certain services that Medicare does not cover.
These plans do not provide stand-alone coverage for medical services; you must remain enrolled in Medicare Parts A or B for both your medical and hospital care. If you join an Advantage plan and take Medicare, your premium and deductible amounts will be partially funded by Medicare. Medicare supplements such as Medicare Advantage, non-medical coverages, and providers are not part of Medicare Parts A or B.
Medicare supplement plans can be customized to meet the needs of the individual. Although they start at just $1300 per month, you can save money on prescriptions, copays, coinsurance, and much more by enrolling in Medicare advantage plans. When compared with original Medicare benefits, many people find that they save a lot of money each month. They are also tax-free and do not contribute to Medicare supplemental coverage. Many people also choose to enroll in Medicare Advantage plans because they offer a better choice of physicians and hospitals. Some even offer a better vision benefit.
Most people with chronic medical conditions choose Medicare advantage plans because these plans often offer prescription drugs at discount prices. Prescription drugs are not covered under regular insurance policies. Medicare supplements insurance policies to pay the cost of most brand-name prescription drugs. Medicare’s prescription drug benefit program also covers the most common over-the-counter drugs. To be eligible for Medicare benefits, you must be receiving at least the maximum Medicaid benefits; income guidelines are based on the income level of the family.
To determine which type of plan best meets your needs, you can compare plans offered by private companies, including Blue Cross, Medicare Part D Plans, managed care plans, state and federal programs, and other supplemental insurance companies.
You should also inquire with your doctor if he can recommend a company that offers Medicare advantage plans. If he cannot do so, try to get recommendations from family, friends, or co-workers. These people may have firsthand experience with different companies and will know which ones have the lowest costs and better benefits.
Today’s economy has caused many people to be downsizing and reducing their hours of work. As a result, they may not be able to purchase the same coverage that they had when they were working full-time. For this reason, many Medicare beneficiaries are now required to have catastrophic health insurance coverage, or Medigap insurance, which covers emergency care in the case of a major illness or injury. If you are one of these individuals, you may want to strongly consider comparing private insurance companies to Medicare before deciding on which program is right for you.
Enrolling in Medicare does not always provide instant coverage. Many people believe that once they have become enrolled, all benefits are available. If you are not covered now, you should inquire about enrolling in a Medicare Part A or Part B.
