Medicare is the US public health program for seniors and disabled people. Did you know that there are over 40 million US Medicare beneficiaries?
Probably because it provides health coverage to so many people, there are a lot of options. People can choose how to get their health covered. Choices are good, but they can also make the right decision harder to make.
Before deciding on a health plan, understand the basic way that Medicare works. The original plan included Part A and Part B to cover medial and hospital care. But even these plans will leave you wil out of pocket costs. Why? They do not cover all medical services. And they do have copays and deductibles for covered services.
Traditional Medicare supplements helped with some of that. These are private health insurance policies that beneficiaries could take out to cover some of the costs that original Medicare did not cover. An insured person could choose from a variety of plans, and they would pay a premium for this additional coverage.
Another choice, apart from the original plan, could be Medicare Advantage (MA). MA plans work by themselves, and not to supplement the original plan. They are partially funded with the tax money that would have funded the original plan. Sometimes a member must pay a premium, but sometimes they do not require an additional premium.
Do not confuse MA with supplements. Supplements add benefits to Part A and B. MA plans replace them. They are required to provide benefits as good as, or better than, the original Part A and B.
Part D is the newest option. This refers to a variety of prescription health plans on the market. They are sold by private insurers, but still partially funded with tax money. These are the new prescription drug plans.
How can you decide which plan is right for you? Every beneficiary has unique needs. You must look at the choices, and then balance them against your own budget, lifestyle, and health needs.
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