You probably know a little bit about Medicare; at the very least, you know that it’s a government-sponsored healthcare program for seniors that begins at age 65. But there’s a lot more to it than that. Medicare coverage is divided into four parts:
- Part A, or hospital insurance: Covers hospital treatments, emergency services, nursing home care and hospice
- Part B, or medical insurance: Covers medically necessary services and supplies used for diagnosis and treatment, as well as preventative services
- Part C: Combines Parts A and B (Part D can also be included)
- Part D: Prescription drug coverage
What you may not know is that only Part A is offered to many seniors for free. However, seniors still have to pay for doctor visits, home care, prescription medications and a host of other medical services. For this reason, supplemental Medicare insurance policies are offered by private insurance companies and independent agents to assist with a variety of expenses that are not covered under original Medicare.
Because Part A is sponsored by the government, the premium you pay for a supplemental plan is inexpensive in comparison to a standard health insurance plan. So what types of Medicare supplement plans are available?
1. Medicare Advantage Plan: Also called Part C, this supplemental plan combines Parts A and B, and often Part D, to provide a wider range of healthcare coverage. Additional coverages may also be available to add on to this plan, such as vision and dental.
2. Medicare Supplemental Plan: Also called Medigap, these plans supplement leftover coverage gaps by covering the cost of co-payments and deductibles. These plans cover more out-of-pocket costs and therefore has a higher monthly premium, but it results in medical treatment at little to no cost for the insured. Medigap policies may also cover circumstances that original Medicare won’t, such as seeking medical treatment while traveling overseas.
Supplemental Medicare policies are standardized and regulated by law, which means that all insurance companies must offer the same set of policies; however, these policies can be offered at different prices. Your independent agent can shop for quotes in order to find you a comprehensive policy for the right price.
Retired seniors should have easy access to comprehensive coverage. Call Professor Medicare at 858-689-7445 for more information on Boulder Medicare insurance.