Demystifying Medicare
Medicare is health insurance for people 65 and older and those under 65 who have certain disabilities. The four parts of Medicare are Parts A, B, C, and D. Medicare Parts A & B are often referred to as Original Medicare. Medicare Part C refers to Medicare Advantage plans and Medicare Part D covers prescription drug plans. Lamb Insurance Brokers helps seniors who are confused by various Medicare options, and helps them select the best options for their needs.
Medicare Advantage
When you have an Original Medicare plan, the government pays for your Medicare benefits. However, Medicare Advantage plans are offered by private companies. A Medicare Advantage plan will cover your Medicare expenses related to hospital insurance and medical insurance coverage. Copayments and coinsurance may apply. Medicare pays these private companies to cover your Medicare Benefits.
Medicare Supplement
Original Medicare pays for many health care services and supplies, but it does not cover all of them. Health care costs like copayments, coinsurance and deductibles are not covered by Original Medicare. To cover these expenses, you need to get Medicare Supplement, also known as a Medigap policy. Medicare does not pay for any of your Medigap expenses.
When you opt for both Original Medicare and a Medigap policy for covered health care costs, Medicare covers the Medicare-approved amounts and your Medigap policy covers its share.
Part D Drug Plans
As a Medicare beneficiary, you have a few options when it comes to your Medicare prescription drug coverage (Medicare Part D) and how to get it. All Medicare plans that cover prescription drugs have their own list of covered drugs. These list cover specific generic and brand-name prescription drugs, which may vary by insurance company and by Medicare plan.