subject: Basic Information To Go About Understanding Your Medicare Coverage Clearly [print this page] 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 provided by the government as a means of offering health insurance to those 65 years and older. If you have a Medicare plan, yours will be one of various plans offered that will cover certain things. Below is basic information on the four main plans and what they cover, so you know what you can expect to get.
The first plan we talk about is known as Medicare A. This is one of the more basic plans and it covers inpatient hospital fees, meaning if you have to stay in the hospital overnight or need in hospital care for any reason, your expenses will be covered. This is the full extension of version A.
If you have Medicare B, this means that your outpatient care expenses, such as normal doctor's visits or consultations, are covered. This plan also covers some preventive services that will keep you from becoming sick. This plan does not cover 100% of your outpatient expenses, but rather about 80% of what Medicare deems fair prices for these services.
Medicare C is Medicare through a private company and is also known as Medicare Advantage plans. These plans include both A and B plus some additional services. Most plans under C will cover your drug prescriptions as well, so this is a fairly comprehensive medical insurance.
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're unclear about what your health insurance does and doesn't cover, the best thing you can do for your financial security is to start understanding your Medicare coverage. Once you know what of your medical expenses are covered, you can go about deciding if your policy is right for you or if you want to adjust it to better suit your needs.
by: Ron Harris.
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