Medical insurance is an important thing to have. It will protect you in the event that you get sick and will also provide you with coverage for routine visits. There are several types of plans and choosing one can be overwhelming to some people when it comes to finding out whether you are eligible and which plan is the best for you. This is a guide of available Medicare plans and what each one consists of.
The Medicare Advantage plan offers Plan A and Plan B benefits to anyone who qualifies for the coverage. Some of the types of services included with this plan are Special Needs plans, Health Maintenance Organizations, and Medical Savings Account plans. There is also coverage for prescriptions that you may need. Using the Medicare Advantage plan, you can enroll with a Health Maintenance Organization Plan (HMO), Private Fee for Service Plan (PFFS), Special Needs Plans (SNPs), or Preferred Provider Organization Plans (PPO). You can sign up for coverage for Medicare Advantage by using the Medicare Plan Finder and finding service in your area.
Medicare Medical Savings Account
A Medicare Medical Savings Account is offered to people through private insurance companies. It is commonly referred to as a MSA plan. The plan works by using a special medical savings account that can be used to pay for health care. The first part of the plan is called Medicare Advantage Part C, which a person can become qualified for after reaching the required yearly deductible. The amount of the deductible varies by plan and is listed in your insurance coverage forms. The second part of the plan is the savings account that the Medicare plan will deposit the money into. It is important to note that MSA plans do not provide coverage for prescription drugs.
Medicare Prescription Drug
If you happen to join a MSA plan and or other plan that doesn't offer coverage for prescriptions, you may want to join the Medicare Prescription Drug Part D plan. This plan is under the Medicare Cost Plans and can be added to Medicare Advantage, Medical Original, and many other insurance plans offered by Medicare.
As mentioned above, the Medicare Plan Finder is a great way to search for Medicare coverage in your area. The tool works by using your ZIP code, Medicare number, and some personal information to match you with the plans near you.