Best Medicare Coverage

2014 Medicare and Medigap Updates

Best Medicare Coverage

Healthcare is a primary concern with the majority of the citizens in the United States. In the past, a number of individuals, especially aged citizens, found they could not afford to pay for both their medical bills and insurance premiums on just their retirement saving or pensions. Faced with such tough financial and health decisions, the government developed the Medicare program to help such individuals cater to their health problems. Medicare is reputedly the largest health insurance service in the United States with well over 47 million Americans participating in the program. As it is government sponsored, care is taken to ensure that essential services for those over 65 are taken care of.

One of the most frequently asked questions has to do with the best Medicare coverage. In order to determine the best Medicare coverage, one needs to have the basic information on what Medicare has to offer in terms of health care and health insurance. In this respect, Medicare has four parts: Part A, Part B, Part C and Part D. Part A deals with hospital insurance and covers services including inpatient care, hospital care as well as hospice and home health care. Most retired individual do not have to pay a premium to get these benefits.

Part B deals with medical insurance for medically necessary services which include doctor’s services, additional home health care as well as outpatient care. Part C, commonly known as the Medicare Advantage program is a combination of both Parts A and B of the Medicare program. Part C is typically provided by private companies in the health insurance sector. Part D is the prescription drug part. All medically necessary drugs are covered under this plan and one will have to pay a premium to receive its benefits. The same will be required for Parts C and D.

When choosing the best Medicare coverage, you need to take into account the services that you will require as well as the premiums associated with each of the parts. For instance, a number of individuals find that the plans offered under Part C have lower costs and added benefits.

It is important to note that the original Medicare does not cover all the costs. There are some services and costs that the retiree has to pay for themselves. These out-of-pocket expenses may be in the form of co-insurance, co-payments and/or deductibles. If you are not careful, these added costs could spiral out of control. As such, you might also want to purchase a Medicare supplement called Medigap to see that these cost do no become to high.

Medicare supplement plans range from A to N, with plan F being noted for its comprehensiveness. As such, when choosing the best Medicare coverage plan, you will need to choose those parts that are relevant to you as well as the Medicare supplement that covers most if not all of the costs not catered to under the original Medicare. If you are not certain what is the best Medicare coverage it would be a wise idea to talk to a Medicare representative and your local insurance agent.