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December 19, 2011
Medicare encompasses many different types of insurances:
Medicare Part A is hospital insurance that will cover stays in hospitals, skilled nursing facilities, and even some part-time home health care services.
Medicare Part B is medical insurance that covers doctor's appointments, as well as certain tests, screenings, and preventive treatments. When a beneficiary has Medicare Part A and Part B, it's said they have Original Medicare.
Medicare Advantage plans are plans offered by private insurers that bundle Medicare Part A and Part B together in a convenient package and may offer additional coverage benefits.
Medicare Part D plans have benefits that will cover a beneficiary's prescription drug needs.
Medicare Advantage Prescription Drug plans give you the option of combining prescription drug coverage with your Medicare Advantage plan benefits.
Medicare Supplement plans, also known as Medigap plans, offer supplemental coverage for those with Original Medicare.
Medicare has a specific purpose in offering so many different types of insurance plans: to ensure that every Medicare beneficiary can get the plan that suits them the best in both coverage and price. But the maze of Medicare plans doesn't have to be a confusing one. FairCompare offers the tools you'll need to skip the unnecessary, lacking, or wrongly priced plans and get you to the Medicare insurance plan that will suit your needs.
The amount and types of coverage offered by Medicare Parts A and B do not change, but the amount you might be paying for them can vary depending on several factors including how many years you have worked in a Medicare-covered employment and your income. FairCompare will help you answer questions like:
Do I qualify for Part A and/or Part B?
Will I be eligible for free Medicare Part A?
How much will my Part B Premium be?
There is a large variety of Medicare Advantage Plans that can be offered by insurance companies, such as Health Maintenance Organization (HMO), Preferred Provider Organization (PPO), and Private Fee-For-Service (PFFS), among others. There are a lot of questions FairCompare can help you consider when deciding on a Medicare Advantage Plan, such as:
Am I eligible for a Medicare Advantage plan?
Will a Medicare Advantage plan be a better option for me than Original Medicare (Medicare Parts A and B)?
Which Medicare Advantage plans are available to me in my coverage area?
Which plan will offer the correct amount of coverage?
Which plan will have the best price for me?
Medicare Part D plans, or Medicare Prescription Drug Plans, come with their own fair amount of questions:
Which Medicare Part D plans are available to me in my coverage area?
Which plan covers the prescriptions drugs I need at the best possible cost?
What are the out-of-pocket costs associated with the plans available to me?
What are the limitations placed on my prescription drugs by the plans available to me?
Medicare Advantage plans can also be offered with prescription drug coverage. These plans are also known as Medicare Advantage Prescription Drug plans, or MAPDs. FairCompare can provide you with the information to help you decide if it's better to get a Medicare Advantage Prescription Drug plan, or if leaving the two separate will be better for your health coverage needs.
Deciding on a Medigap plan comes with a lot of questions and forethought. Medicare Supplement plans fill in certain coverage gaps concerning Original Medicare. Each Medigap plan offers a different combination of coverage, and where you call home will determine not only which of the plans are available to you, but the cost of each plan, which varies between coverage areas. Being fully informed of your needs and your choices will get you the best plan possible.
In fact, being fully informed is the best way to get the most out of Medicare, no matter which plan or plans you are interested in. You have all of the information concerning you, and now you have FairCompare, which has all the information concerning Medicare for you to get a fair comparison and understanding of your Medicare options. Put the two together and you're on your way to making a terrific choice in Medicare insurance.
Medicare has neither approved nor endorsed this information.