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Medicare Supplements
As you may know, Medicare is health insurance for people age 65 or older, under age 65 with certain disabilities. Medicare covers many health care services and supplies, but there are costs (“gaps”) it doesn’t cover, such as coinsurance, co-payments, and deductibles. Medicare is comprised of:
• Part A (Hospital Insurance) - helps cover beneficiaries’ inpatient care in hospitals, skilled nursing facilities, hospice care and some home health care if they meet certain conditions.
• Part B (Medical Insurance) - helps cover medically–necessary services like doctors’ services, outpatient care, other medical services that Part A doesn’t cover (like physical and occupational therapists) and some home health. Also helps cover some preventive services to help maintain beneficiaries’ health and to keep certain illnesses from getting worse.
Original Medicare, managed by the Federal government, provides Medicare Part A and Part B coverage. It pays for many health care services and supplies, but does not pay all health care costs. There are costs that Medicare beneficiaries must pay.
• Part C (Medicare Advantage Plans) - private insurers like HMO’s and PPO’s provide insurance for hospital and medical services and, sometimes, prescription drug coverage to people who enroll. These plans are health plan options approved by Medicare and run by private companies. These plans also have out-of-pocket costs, but the cost sharing differs from Original Medicare.
• Part D (Medicare prescription drug coverage) - helps cover prescription drug costs. Medicare drug plans are run by insurance companies and other private companies approved by Medicare. Beneficiaries must enroll in and pay a separate premium for these plans.
Many Medicare recipients will need supplemental health insurance to pay for expenses not covered by Medicare. A Medicare Supplement Insurance policy (also called Medigap) is private health insurance specifically designed to supplement Original Medicare. This means it helps pay some of the health care costs (“gaps”) that Original Medicare doesn’t cover (like coinsurance, co-payments, and deductibles). There are many types of health insurance coverage that you can purchase to supplement your Medicare coverage. It should be noted that neither Medicare nor a Florida Medicare supplemental insurance policy will cover most long term care insurance expenses.
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