Medicare is one of the largest and most successful government-sponsored health care programs in our nation’s history. But for many the health insurance coverage Medicare provides isn’t quite enough.
That’s why there are a few different Medicare health insurance options available in the private health insurance market.
First, let’s take a look at how Medicare works:
Here are the three “parts” of Medicare:
• Medicare Part A: This provides coverage for hospital, nursing and hospice care.
• Medicare Part B: For a monthly premium, this part of Medicare provides coverage for doctors’ fees and other medical services.
• Medicare Part D: This part of Medicare was designed to provide prescription drug coverage. Part D plans are administered by private insurers.
While the programs above are mostly run by the federal government, there are options for seniors who would rather purchase their benefits from a private insurer.
Medicare Advantage plans provide all of the federally mandated coverage regular Medicare offers, but these plans also have some added benefits such as covered routine doctor’s visits and lower deductibles.
Medicare Supplement plans are another private insurance option that actually works with the government-run plans. The purpose of Medicare Supplement plans are to fill in the gaps that Medicare Parts A and B leave: such as deductibles and higher copayments.
To make sure you know what’s best for your needs, it’s always a good idea to discuss your options with a professional agent. An agent can help you find the right coverage at an affordable rate.