What is Medicare? Well, Medicare is a federally funded system of health insurance for people over 65 years of age as well as certain younger people with disabilities.
Sometimes Medicare doesn’t always supply the insured with all the coverage needed so California Medicare supplement (Medicare Supps) insurance was formed. Medicare Supps is also known as medi-gap insurance. It’s private insurance that fills the gap in the Medicare program (the gap that the coverage doesn’t always cover). This supplement insurance varies, but all of the policies available generally cover costs such as extended hospital stays beyond what Medicare will cover, the co-pay Medicare requires for medical services, and the deductibles required by Medicare. You can also get coverage for costs such as at-home care, emergency travel medical costs and so on.
To check out some examples of Medicare Supps check out BlueShield: https://www.blueshieldca.com/bsc/findaplan/medicare/look/supp/
Medicare has four parts:
- Hospital Medicare insurance (Part A) helps pay for inpatient care in a hospital or skilled nursing facility (following a hospital stay), some home health care and hospice care.
- Medical insurance (Part B) helps pay for doctors’ services and many other medical services and supplies that are not covered by hospital insurance.
- Medicare Advantage (Part C) plans are available in many areas. People with Medicare Parts A and B can choose to receive all of their health care services through one of these provider organizations under Part C.
- Medicare Prescription drug coverage (Medicare Part D) helps pay for medications doctors prescribe for treatment.
A word about Medicaid (just so you’re not confused)
You may think that Medicaid and Medicare are the same. Actuuually, they are two different programs. Medicaid is a state-run program that provides hospital and medical coverage for people with low income and little or no resources. Each state has its own rules about who is eligible and what is covered under Medicaid. Some people qualify for both Medicare and Medicaid.