Medicare plans are for insurance of medical expenses and services for people over 65 and for the disabled. However, there are certain expenses which are out of the pocket costs which are not covered under the original Medicare plans such as the following:
You can have both Medicare and Medicare advantage plans (Medigap). In the case of opting for both the policies, Medicare pays the applicable share of the Medicare-approved amount of the total health care expenses and the Medigap policy takes care of another share of the expenses which fall under its approved amount.
Things to know about Medicare advantage plans:
- Medicare Part A and Part B policy should be enrolled into before opting for Medigap.
- Medicare Advantage plan is different from Medicare advantage plans. medigap policy can be applied for even if medicare advantage plan is in progress but the advantage plan should be over before the Medigap policy begins.
- There is an additional monthly premium to be paid to the private insurance company for the Medigap policy. It is required to be paid in addition to the Monthly premium paid for Part B of the original Medicare policy.
- A Medicare advantage plan provides coverage for only one person. Two separate policies are needed in case you want a Medigap program for your spouse and you.
- There are private insurance agencies that are listed which are licensed to sell Medicare advantage plans (Medigap) in respective states. Look at the licensed private insurance company selling and pick any applicable option.
- Any Medigap policy is renewable even when the policy is in use for health problems. Insurance companies cannot cancel the Medigap policy till you are paying the premium for the policy.
- In the past, Medigap policies also covered prescription drugs. But after, 1st January 2006 Medigap policies do not include prescription drugs anymore. To avail the benefits of policies covering prescription drugs, you need to join a Medicare Prescription Drug plan (D).
- You are not eligible for Medigap policy in case you are already having MSA (Medicare Medical Savings) plan.
- Medicare advantage plans do not cover hearing aids, private duty nursing, long-term care, and vision or dental care.
These are just a few things to know about Medicare. There are twelve policies that you can choose from according to your medical necessities. Any insurance company can list the policy necessities and the details of a plan.