Medicare is an ambitious federal health insurance program for U.S. seniors, started in 1965 with the Social Security Act. The Medicare Shared Savings Program pays a premium to all seniors, regardless of their age, with guaranteed payments based on their specific needs. Medicare supplement insurance is designed to fill in the coverage gaps left by Medicare. It usually supplements Medicare.
Medicare is popular because it is popularly believed to be successful in meeting the primary healthcare needs of senior citizens. Medicare has long been seen as a tool that helps senior citizens maintain and preserve their health and in some cases, it can even prevent serious illnesses. Medicare supplement insurance helps make Medicare affordable. There are four Parts A, B, and C that provide different coverage depending on what Medicare covers.
Medicare Part A is for medically related services and Medicare Part B is for health care related services and Medicare Part C is for accident or health-related expenses. Medicare Part A covers medical costs, while Medicare Part B covers nursing home costs, disability income, and income and medicare insurance premiums, and Medicare Part C pays premiums for durable power-of-attorney, income and Medicare insurance, and emergency and hospitalization costs. Medicare Part D pays for medications, and Medicare Part A pays for eyeglasses, contacts, and certain health care treatments. Medicare Part A covers the cost of Medicare Part A and any additional benefits provided through enrolling in Medicare Parts A and B.
The Medicare Options for Prescription Drug Coverage (OPM) allows patients to choose from various meds available on the Medicare drug list, with the same drugs being available to all patients with Medicare Parts A and B. This enables senior citizens to select which news they need based on their current health coverage and prescription drug expenses. The Medicare Option for new applicants allows them to continue using the Medicare Advantage plan starting with the first month of enrollment, giving them an opportunity to try the Medicare supplement to find out if it is right for them. There are several Medicare options that are available to increase your Medicare coverage options, or to allow you more flexibility in choosing a Medicare Supplement.
The Medicare Shared Savings Plan (SSP) provides more choices in selecting a Medicare supplement. It includes some of the same drugs as the original Medicare coverage and allows you to take advantage of special savings opportunities including provider payment, priority drug refill access, and provider networks. Medicare Part D is for medications used to treat Medicare eligible patients’ specific long-term health conditions and is subject to change depending on the Medicare schedule. The Medicare Part B deductible and Medigap premium also varies according to the Medicare options.
If you are considering changing to another Medicare option such as a Medicare Advantage or Medicare Part D, talk to your regular Medicare agent. They can provide guidance in determining which option will provide you with the most benefits at a price you can afford. Medicare Part A and B are mandatory Medicare coverage; without Medicare Part A or Medicare Part B, you will not be able to receive medical treatment in most cases. Medicare Part D is for drugs not covered under Medicare. You will need Medicare Part D to pay for prescription drugs not covered by the original Medicare program. For more Medicare information, call or go online to your local Medicare representative.