Choosing Excellent Insurance Coverage

Confused By All The Medicare Insurance Options? A Simpler Look At What Each Type Of Policy Really Includes

If you find yourself feeling a bit confused or overwhelmed by all the different types of Medicare insurance plans that are out there for you to choose from, you are certainly not alone. There are many people who feel this same way. That is why this article seeks to provide you with a simpler look at what each type of policy really includes so that you can decide what type of Medicare policy is right for you.

Basic Medicare Plans (Part A & Part B)

The first type of Medicare plan you can choose is a basic plan. These plans are also referred to as original Medicare plans. A basic or original insurance plan will include Part A coverage and Part B coverage. What this means is that you are covered for your standard trips to the doctor and that you are covered for hospital care. These basic plans will not cover co-pays or prescription drugs.

Medicare Part D

A Medicare Part D plan is designed to provide just one type of coverage. This is coverage for your prescription medications. Individuals who have a basic Medicare plan will typically purchase Part D coverage in order to offset the cost of their prescriptions if they are taking multiple different medications on a regular basis. 

Medicare Advantage Plans

Medicare advantage plans serve as an alternative to the plans discussed above. These plans need to be purchased through a private insurance company and combine Part A, B, and D coverage. While many Medicare recipients find advantage plans to be the most convenient type of plan because they include three part coverage in one plan, it is important to note that these plans are not available through all insurance carriers and may not be available in all areas. 

Medicare Supplement Plans (Medi-Gap)

Whether you choose a basic plan, Part D coverage, or an advantage plan, there are likely going to be gaps in the coverage that your Medicare provides. For example, none of the options discussed above provide you with coverage for co-payments and deductibles. Consequently, you could still have to pay a rather substantial amount out-of-pocket for your health care needs each year. Medicare supplement plans seek to provide coverage that fills in these gaps. That is why this type of coverage is also commonly referred to as medi-gap insurance. 

Like advantage plans, Medicare supplement plans must be purchased through a private insurance carrier. However, these plans are available in all areas and can be purchased through most private insurance carriers. Contact a medicare insurance service, such as Blueprint Insurance Advisors, to learn more.