Because of the significant out-of-pocket payments required by traditional Medicare, a booming market of private-sector insurance products has grown up around the government programs. These Medicare-related insurance products are one of the fastest-growing segments of the U.S. health insurance industry, and they are the part of the market on which a smart consumer should focus his or her attention.
Medicare Providers is here to help seniors, and other Medicare eligible individuals, understand these products and provide tools to assist in the decision making process. Medicare Supplement Insurance plans - sometimes called "Medigap" insurance, though some industry professionals don't like that term - which, to various degrees, cover the things traditional Medicare doesn't.
Medicare Part C plans, which replace traditional Medicare with any of several managed-care style programs that require little or no out-of-pocket payments. Medicare Part D plans - which cover the cost of outpatient prescription drugs - and supplement either traditional Medicare or, in some cases, a Part C managed care plan.
Medicare Providers is here to help seniors, and other Medicare eligible individuals, understand these products and provide tools to assist in the decision making process. Medicare Supplement Insurance plans - sometimes called "Medigap" insurance, though some industry professionals don't like that term - which, to various degrees, cover the things traditional Medicare doesn't.
Medicare Part C plans, which replace traditional Medicare with any of several managed-care style programs that require little or no out-of-pocket payments. Medicare Part D plans - which cover the cost of outpatient prescription drugs - and supplement either traditional Medicare or, in some cases, a Part C managed care plan.
Services
Although private-sector insurance companies underwrite, price and administer Medicare Supplement-or "Medigap"-policies, they must follow strict guidelines set by the federal government.
In fact, the Feds dictate precisely what forms private companies can offer.
Working from these templates, each state then approves the Supplement plans for sale within its borders.
There are many types of Medicare Supplement coverage available; these are called Plans A, B, C, D, F, G, K, L, M and N. (These letter denominations are completely separate of and unrelated to Medicare Parts A, B, C and D. But people often confuse the two sets-and this confusion is understandable.)
In fact, the Feds dictate precisely what forms private companies can offer.
Working from these templates, each state then approves the Supplement plans for sale within its borders.
There are many types of Medicare Supplement coverage available; these are called Plans A, B, C, D, F, G, K, L, M and N. (These letter denominations are completely separate of and unrelated to Medicare Parts A, B, C and D. But people often confuse the two sets-and this confusion is understandable.)
As we've mentioned, the main advantage of Medicare Advantage plans is that they limit the amount of money you have to pay out of your own pocket for health care.
Under most Part C plans, there's a formal limit to how much you have to pay out-of-pocket each year for in-network medical services normally covered under Medicare Parts A and B. This limit is called the "maximum out-of-pocket amount for in-network medical services."
Under a POS plan that allows you more flexibility about the doctors or hospitals you choose, the out-of-pocket maximum is usually higher.
Under most Part C plans, there's a formal limit to how much you have to pay out-of-pocket each year for in-network medical services normally covered under Medicare Parts A and B. This limit is called the "maximum out-of-pocket amount for in-network medical services."
Under a POS plan that allows you more flexibility about the doctors or hospitals you choose, the out-of-pocket maximum is usually higher.
Medicare Prescription Drug Coverage is available to all Medicare beneficiaries.
This benefit, also referred to as Medicare Part D, is one of many changes brought about by the Medicare Modernization and Improvement Act of 2003 (MMA).
Medicare consumers who are entitled to Part A (hospital insurance) and/or enrolled in Part B (medical insurance), are eligible for the prescription drug coverage.
People who are eligible for both Medicare and Medicaid benefits (dual-eligible) may also enroll.
Enrollment in a drug plan is on a voluntary basis and requires completion of an enrollment form.
This benefit, also referred to as Medicare Part D, is one of many changes brought about by the Medicare Modernization and Improvement Act of 2003 (MMA).
Medicare consumers who are entitled to Part A (hospital insurance) and/or enrolled in Part B (medical insurance), are eligible for the prescription drug coverage.
People who are eligible for both Medicare and Medicaid benefits (dual-eligible) may also enroll.
Enrollment in a drug plan is on a voluntary basis and requires completion of an enrollment form.
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