Information To Go About Understanding Your Medicare Coverage Better

Written By: Shawn Cook on August 31, 2010 No Comment

Understanding your Medicare coverage can be a bit of a hassle. But it’s important that you do understand your coverage, because it has a lot to do with your financial security. You should be aware of what you have covered in terms of medical expenses in terms of in patient, out patient, doctor’s visits, and medications. That way you’ll know what to expect if you use a lot of medications or end up going to the doctor, and you’ll be able to arrange your finances accordingly.

Medicare is health insurance provided mainly to citizens over 65 years of age by the government. Depending on whether you get your coverage directly from the government or through an approved private company and what your medical needs are will determine which plan you have and what it covers. All four plans are discussed briefly below.

The first plan is Medicare A and it will cover any of your inpatient fees. This means if you have to stay in the hospital overnight or go through treatments that take place at the hospital, that will all be covered by your insurance. The A version doesn’t cover anything more than that, including any prescription drugs you may be taking.

Medicare B covers outpatient expenses. Any doctor’s visits or consultations that are not considered serious enough to be inpatient services will be covered by Medicare, but not 100% of the cost. Medicare B covers usually 80% meaning you’ll still have to pay 20% of the costs of your doctor’s visits.

The Medicare Advantage plan is Medicare C. It’s offered through a private company. If you know you get your insurance through a private company you know it’s not A or B. Medicare Advantage combines all the benefits of A and B plus other things, such as many of your drug prescriptions. This is the most comprehensive of the Medicare plans because it covers the majority of medical expenses you may have.

The last plan discussed here, or option D, is also known as the prescription drug coverage plan. And with this one, it’s all in the name: your coverage extends to almost all prescription drugs. It doesn’t cover any hospital expenses or doctor’s visits. Depending on what company you use and what kind of coverage you choose will affect the cost and the types of drugs covered.

If you want to make sure you’re okay with your finances, part of that is understanding your medicare coverage. Don’t get any unwanted surprises in your medical bills because you’re unsure how your insurance works. Inform yourself now.

In this day and age, the future of our health is a giant question. Do you know of the Medicare supplement? You can get medicare benefits, if you qualify for the insurance.