Health insurance has many plans, both private and government funded. It is nearly impossible to know all the plans offered. One of the most popular government funded plans is Medicare. There 4 parts that most senior citizens are enrolled. However, it can be confusing if you are currently enrolled. This is especially true for people who are just new to the system or are faced with making decisions regarding medical care for the first time. It is important to create clarity in order to make the best decision for your personal health insurance needs.
Medicare consists of four sub entitlement programs – A, B, C and D.
Medicare A- Hospital Coverage
This Medicare plan covers hospital stays, hospice care and home healthcare. It covers inpatient treatment.
Medicare B- Medical Coverage
It is medical coverage that includes all the personal health care insurance coverage like doctor fees, ambulance facility, emergency care, medicines and other such facilities. It requires a monthly premium.
Medicare C- Advantage Plus
It is a combination of Medicare A and B. It also additionally covers vision care, dental care and prescription drugs.
Medicare D- Prescription Drug Coverage
This Medicare plan covers prescription drug expenses. It can be added to all 3 plans mentioned above.
Here are some common myths about the Medicare Plans
Myth # 1 – Medicare pays for long term care
This is not true. Individuals with specific conditions can be covered by Medicare for skilled nursing facilities or health care at home if medically necessary. Program of All-Inclusive Care for the Elderly, also known as PACE, is a voluntary Medicare and Medicaid benefit for the elderly that provides for comprehensive medical and social services given at adult care centers, inpatient facilities or at home. It however does not pay for long term care insurance
Myth # 2 – When Medicare is exhausted, you have to wait until next enrollment
Medicare is received by all enrollees, regardless of income. Medicaid, on the other hand, is health insurance for low-income groups. When a person exhausts the Medicare options, an individual has to meet state eligibility requirements before Medicaid kicks in.
Myth # 3 – Medicare is similar to private health insurance.
Unlike private health insurance, Medicare can not refuse coverage because you are too ill. Additionally, you will not be charged higher premiums when you get sick. This is a big advantage compared to private health insurance that can deny you coverage or charge higher premiums based on an individual’s health status.
It is important to understand how your health insurance works. Medicare myths cause confusion that could result in settling for a sub-par health insurance plan. If you have questions regarding Medicare plans, let Blue Sky Coverage help you find a policy that is suitable for you. Call us today to get a quote.