Types of Medicare

Medicare is the federal health insurance plan geared towards people who are 65 years or older, some young people with disabilities, and people with ESRD (End-Stage Renal Disease). Cahaba Strategies can help you choose which Medicare plan is the best for you. Kathryne and her team will go the extra mile to make sure you have the best solutions for your Medicare options. There are four different parts of Medicare – Part A, B, C and D. Medicare Part A (Hospital Insurance) covers inpatient hospital stays, care in a nursing facility, and certain home health care. Medicare Part B (Medical Insurance) covers specific doctors’ services, outpatient care, medical supplies, and more.

Medicare Part C can be covered through a Medicare Advantage plan or a Medigap plan. Here are some of the differences:

A Medicare Advantage Plan is another way to get your Medicare coverage. Medicare Advantage is an “all in one” alternative to Original Medicare. These “bundled” plans include Part A, Part B, and usually Part D. Medicare Advantage Plans, sometimes called “Part C” or “MA Plans,” are offered by Medicare-approved private companies that must follow rules set by Medicare. If you join a Medicare Advantage Plan, you’ll still have Medicare but you’ll get most of your Medicare Part A (Hospital Insurance) and Medicare Part B (Medical Insurance) coverage from the Medicare Advantage Plan, not Original Medicare. Most plans include Medicare prescription drug coverage (Part D). In most cases, you’ll need to use health care providers who participate in the plan’s network. Most Medicare Advantage Plans offer coverage for things that aren’t covered by Original Medicare, like vision, hearing, dental, and wellness programs (like gym memberships). Plans can also cover more extra benefits than they have in the past, including services like transportation to doctor visits, over-the-counter drugs, adult day-care services, and other health-related services that promote your health and wellness. Plans can also tailor their benefit packages to offer these new benefits to certain chronically ill enrollees. These packages will provide benefits customized to treat those conditions.

Medigap is Medicare Supplement Insurance that helps fill “gaps” in Original Medicare and is sold by private companies. Original Medicare pays for much, but not all, of the cost for covered health care services and supplies. A Medicare Supplement Insurance (Medigap) policy can help pay some of the remaining health care costs, like: Copayments, Coinsurance and Deductibles. Some Medigap policies also offer coverage for services that Original Medicare doesn’t cover, like medical care when you travel outside the U.S. Generally, Medigap policies don’t cover long-term care (like care in a nursing home), vision or dental care, hearing aids, eyeglasses, or private-duty nursing.

Medicare Part D helps cover the cost of prescription drugs. Medicare prescription drug coverage is an optional benefit. Medicare drug coverage is offered to everyone with Medicare. Even if you don’t use prescription drugs now, you should consider joining a Medicare drug plan. If you decide not to join a Medicare drug plan when you’re first eligible, and you don’t have other creditable prescription drug coverage or get Extra Help, you’ll likely pay a late enrollment penalty if you join a plan later.

Medicare gives you options with how you receive coverage. Let Cahaba Strategies help you today!