MEDICARE PLANS
Here are the Major Types of Medicare Insurance Plans:
Medicare Part A
One option you have when you enroll in Medicare is Chicago Medicare Supplemental Insurance or Medicare Part A coverage. Medicare Part A is sometimes referred to as “Hospital Insurance.” Generally, Medicare Part A covers inpatient hospital care, hospice, home health services, skilled nursing facility care and nursing home care (as long as the only care you need isn’t custodial care). Some people automatically get Medicare Part A and those who don’t sometimes choose this option when they are still working and receiving health care benefits from their employer. You most likely will not have to pay a monthly premium for Medicare Part A if you or your spouse paid Medicare taxes while working. For Medicare Part A, you could pay up to $499 each month in 2022. However, many people receive premium-free Part A through Insurance Agents for Medicare Plans. In many cases, if you choose Part A, you must also have Medicare Part B and pay monthly premiums for both.
Medicare Part B
Medicare Part B is sometimes called “Medical Insurance” and covers medically necessary and preventive services. Things considered medically necessary to treat a disease or condition, like doctor visits, lab tests, and surgeries, fall under Medicare Part B coverage. It also covers supplies, such as walkers and wheelchairs. Some services might be covered only in certain situations. Medicare Part B does have a premium each month that you will have to pay. In some instances, your Medicare Part B premium may be deducted from your benefit payment. The standard Part B premium amount in 2022 is $170.10, or more depending on your income level.
Medicare Part C
Medicare Part C plans are sometimes called “Medicare Advantage Plans.” If you select a Medicare Advantage Plan, you will get your Medicare Part A and Medicare Part B coverage from the Medicare Advantage Plan. All Medicare services are covered by Medicare Part C, and may even offer extra coverage. Each plan could have different rules and different out-of-pocket costs. Usually you can also get prescription drug coverage through this plan.
Medicare Part D
Medicare Part D is prescription drug coverage. Medicare offers prescription drug coverage to everyone with Medicare. If you choose to not sign up when you’re first eligible you may have to pay a late penalty. In order to receive this coverage you must join a plan run by an insurance company or a private company approved by Medicare. Each plan varies in the cost and options of prescription drugs covered. Two ways to get prescription drug coverage is through Part D or through Medicare Advantage Part C.
Medicare Supplement Plans
Medicare supplement plans are sometimes called “Medigap Policies.” These plans can help pay for health care costs like co-payments, coinsurance and deductibles, which Medicare Parts A and B don’t cover. If the cost of your medical treatment is exceptionally high, a Medicare supplement plan could be very beneficial to you. Medicare supplement plans don’t cover everything though, so it’s important to research what will be covered to help you make a more informed decision.