If you have Medicare or a Medicare supplement plan and if you’re married, you may qualify for an HMO plan. If you want to learn about the different types of plans that Medicare covers, including what Medicare Plan G may pay out in the case of illness or injury, check out the links below.
A Medicare plan is similar to the types of policies that people with employer-sponsored health insurance purchase. Both insurance companies and federal agencies provide coverage. But Medicare provides more benefits than do employer-sponsored plans.
The government administers Medicare through the Centers for Medicare & Medicaid Services (CMS). CMS administers the program by administering state plans, which are then merged with the federal plans. There are five distinct Medicare plans.
There is the Traditional Medicare, which has been around since the 1960s. This plan is intended to cover medically necessary services for older and disabled people.
The Medigap program includes coverage for individuals who need specialized services. The Medigap plans include prescription drugs, dental and vision care, and diagnostic testing. Private insurance and Medicare supplement plans will also pay for some of these services.
The Hospital Insurance plan (HIP) is designed to help patients in a hospital stay. It pays for a portion of a patient’s medical expenses, including co-pays and deductibles. HIP will also pay for outpatient treatment.
The Medicare Advantage plan (MA) is an option for people who want a private plan that offers less standard benefits. To be eligible for this plan, Medicare must be your primary plan.
Medicare Advantage plans pay for services provided by physicians and hospitals outside the traditional Medicare network. People who are eligible for Medicare part A, which pay for most outpatient doctor visits, as well as hospital stays, are also eligible for Medicare Advantage plans.
The Supplemental Medical Insurance plan (SMI) pays for most of a patient’s medical expenses. These include many inpatient hospital stays, as well as most doctor visits and some dental treatments. They also cover most prescriptions.
If you’re self-employed, you can take advantage of Medicare Part D. This plan pays for certain prescriptions.
Medicare is meant to replace several different types of private health insurance. And since this is not a standard type of health insurance, it may be worth it to explore your options before signing up for Medicare.
If you’re a retiree or recently retired, you can probably get a lower premium rate through Medicare. And in order to receive the discount, you may be required to get your coverage through the Medicare Advantage plan. Your agent can help you determine which plan is right for you.