Medicare is a federal government health insurance scheme designed to help care for the medical expenses of individuals aged 65 and above. It applies to young people who are disabled or suffer from severe chronic diseases, such as end-stage renal disease or amyotrophic lateral sclerosis.
Medicare is categorized into different parts – A, B, and D.
- Part A (Hospital Insurance) takes care of hospitalization costs, care in a skilled nursing facility, hospice care, and home health care.
- Part B (Medical Insurance) covers the costs of some specified doctors’ services, outpatient care, medical supplies, laboratory tests, and preventive services.
- Private companies sell Part C (Medicare Advantage). It bundles parts A, B, and D and covers extra healthcare services like vision and dental care.
- Part D (prescription drug coverage) helps pay for the cost of purchasing prescription drugs. They also cover the cost of many of the recommended vaccines.
Medicare Supplement Insurance, or Medigap, is sold by private companies and is designed to plug the coverage gaps in the original Medicare plan. It helps you cover the costs that Medicare doesn’t cover, such as deductibles, co-payments, and coinsurance. These would have been the responsibility of the policyholder. Medicare supplement insurance is available to all who are eligible for Medicare. It would be best if you had Medicare Parts A and B, though.
At Hignojos Insurance Agency, we help you source the best Medigap providers to help you reduce out-of-pocket costs for your healthcare.
English
Spanish