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Insurance plans simply explained: Know what they all mean

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Having medical insurance is important especially for the elderly. The terminology in the past was quite legal and difficult for many to understand what coverage’s they really need. Then the language was rewritten to something called legal-ease which was to make it more readable for the lay person. Even though the wording was changed it still can be quite difficult to pick and choose the plans necessary for your needs. Having a simple explanation of the plans available will make it easier for anyone looking to purchase a policy or change one currently in force.

Part A:

This coverage provides for hospital stays, home health services as well as hospice care.

Part B:

This coverage provides coverage for doctor’s services, out-patient care and covers medical equipment.

Part C:

This plan is also referred to as Medicare Advantage. It is a private plan that includes both Part A and Part B and in most cases coverage’s in Part D as well. It is an alternate plan from the traditional Medicare plans that is usually derived through managed care.

Part D:

This coverage provides for prescription drug coverage. It is offered through a private drug plan known as a stand-alone coverage as well as Medicare Advantage.

Traditional:

This is the original Medicare program that covers Part A and Part B benefits as it pays providers directly for each service that is treated.

Medigap:

This is a private supplemental insurance plan that covers many traditional Medicare out-of-pocket expenses that may occur.

Understand takes the guessing out of insurance!

© 2013 Beverly Mucha / All Rights Reserved

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