What Is Health Insurance?

Medical expenses can be rather serious since they are usually in the hundreds or thousands and tend to show up at the most inconvenient times. High medical expenses for various medical care make it difficult for people to get the care that they need and thus discourage people from going to see a doctor when they need to. Health insurance covers all or some of the expenses resulting from a wide variety of medical procedures. Getting health insurance makes it easier for you to ensure that you stay in good health. It is also a way to save you money.

Health Insurance Types

There are different types of health insurance, one of which is Medicare. Medicare is the federal health insurance program for people who are age 65 or older. Younger people who have certain disabilities are eligible for it as well. There are different parts of Medicare (part A, part B, and part D) which cover specific services. Part A covers stays in the hospital, hospice care, and in some cases home health care. Part B covers some services that doctors provide, outpatient care, medical supplies, and preventative services. Part D adds prescription drug coverage.

More Health Insurance Options

Now that we have looked at Medicare, let us look at some other options, starting with the Medicare Advantage plan. What is Medicare Advantage? It is an alternative to the original Medicare. It offers what Medicare offers but with the addition of coverage for vision, hearing, and dental. To qualify for this plan, you must qualify for or already have Medicare part A and B, you must live in a certain region of the U.S., and you cannot have End-Stage Renal Disease (ESRD). The MA plan is technically part C and is referred to as a bundled plan because it includes everything from part A, B, and D, plus other benefits you will not get from those three plans. You can enroll in the MA plan during the annual election period (AEP) which is at the same time every year: from October 15th to December 7th. Keep in mind that this plan is not the same as Obamacare and you cannot have this plan if you have Obamacare. Also, the MA plan will differ depending on your location and the insurance carriers near you that offer this plan.

More Information

Check to see what kind of coverage you currently have, which you will find on your insurance card or by calling the phone number provided on your insurance card. It is important to get more information about what you are currently paying for. It would be wise to also check to see if the terms and benefits of your current coverage have changed recently. In the event that you would like to leave your current plan and enroll in the MA plan, make sure to carefully review more information about it to see if it is right for you.

We make many important decisions in our adult lives. Choosing the right health insurance makes a real difference in your future. The biggest benefit of health insurance is the peace of mind that comes from knowing you can afford to get medical help for yourself if you need it. For more information, please visit medicare.gov.