Silver American Medicare Plans –
more choices and options to meet your needs
Comparing Medicare Insurance Plans
Medicare Part A Hospital Insurance
One option you have when you enroll in Medicare is 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 (except 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. However, many people receive premium-free Part A. In many cases, if you choose Part A, you must also have Medicare Part B and pay monthly premiums for both.
Medicare Part B Medical and Outpatient Treatment Options
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 2021 is $148.50, or more depending on your income level.
Medicare Advantage 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 Prescription Drug Plan 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. Prescription drug coverage is available through Part D or through Medicare Advantage Part C.
Medicare Supplement / Medigap Plans… Choices and Options
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.
What is Medigap? What is a Medicare Supplement?
Medigap is Medicare supplement insurance, which can help pay for health care costs that Medicare Parts A and B don’t cover. You will usually have to have Medicare Part A and Part B to buy a Medigap policy. Medigap policies cannot be obtained with Medicare Advantage. Medigap insurance is provided by private health insurance companies such as Blue Cross and Blue Shield, HealthNet, and Humana. A Medicare supplement policy must follow Federal and state laws.
What are the Medicare eligibility and enrollment requirements?
Medicare applicants who are eligible for a Medigap policy must also enroll in Medicare Part A and Part B to receive the benefits of a Medicare supplement health insurance plan. Medigap policies contain an additional monthly premium on top of Medicare Part B.