Medicare is a government-run insurance assistance program for people aged 65 and older who are retired and need insurance coverage. It is a great program for recent retirees who have worked hard their whole life and now need some assistance from the government to help aid in the cost of healthcare. Healthcare is a very important expense, so it is important that as you start planning early on. It is therefore crucial that you understand all of the different insurance plans that are available to you. Medicare Supplement Insurance such as Mutual of Omaha Medicare Supplement

can also help cover out-of-pocket costs not covered by Medicare. 

Medicare is broken up into four different options: part A, B, C and D. Each plan offers different options and forms of coverage so it is important that you pay close attention to what each plan offers and what you personally think you will need in your health insurance policy. 

Part A

Part A Medicare is your basic coverage that will cover all hospital and/or doctor visits on site. This is the part that is available to everyone qualified for Medicare and will automatically be applied to your coverage. Although it may seem clear-cut and easy to understand, it is important that you read the fine print on the coverage you will receive as you are still required to pay a deductible for most visits and things such as hospice care may or may not be covered. 

Part B

Part B coverage is the second part of the four-step Medicare insurance coverage. This will be the part that covers you for anything a doctor does to you such as diagnostic exams, any x-rays, MRIs or physical checkups. This will also cover you if you are currently on dialysis, need regular physicals, or if you are undergoing chemotherapy for cancer treatment. Part B will add an additional cost to you since more services are being offered.

Part C

Part C is also known as Medicare Advantage. Medicare Advantage is a step above the traditional Medicare coverage that you will get with just part A and B. With Medicare advantage you will be fully covered for all health-related expenses including prescriptions, which is currently, only offered in Part D of Medicare. Although Part C has certain requirements such as place of residence and other insurance availability, if you can qualify for it, it is a great option.

Part D

The final part of the Medicare insurance plan is Part D. Part D is the part that covers your prescriptions and medicinal services. Part D is also required if you don’t have a current insurance plan including the Part C Medicare Advantage Plan, but is only a small added cost to you and will be well worth it in the long run. You’ll definitely want to look into purchasing this part of the Medicare insurance plan if you are currently on a lot of prescription medication or have a family history of medical ailments requiring prescription medication of any sort. 

When weighing your options for insurance coverage as you age, be sure to take Medicare into consideration and plan for the future of your health insurance policy. It is important that you understand the different Medicare plans and options so that you know you are choosing the best-fit coverage for you.