What You Should Know About Medicare, Medicaid, and Medigap
Medicare, Medicaid, and Medigap are healthcare programs designed to help Americans cover their health care costs. Medicare and Medicaid are governmental programs, while Medigap is insurance given by private health insurance companies. Medicare can be obtained by people who are 65 years of age. People over 65 can also get Medicare, as can some people younger than 65, and people who are disabled. People on dialysis and people who need to have a kidney transplant can also get Medicare.
Funded by the U.S. federal government and the state, Medicaid is a healthcare program that’s available to children, seniors, the blind, people who have a disability, and people who qualify to receive Medicaid.
Medigap is supplemental insurance that covers healthcare expenses Medicare does not cover. You can purchase Medigap from private health insurance companies that offer it. The information that follows will tell you more about Medicare, Medicaid, and Medigap.
Medicare
There are four parts to Medicare. They are Part A, Part B, Part C, and Part D. Part A pays the hospital costs you incur when you are admitted to a hospital. Part A also pays for the care you get in a nursing home, the care you get in a hospice center, and the care you get in the home from a home health aide. Part B pays for care from doctors, care as an outpatient, preventative healthcare, and walkers and wheelchairs. Part C is a Medicare Advantage Plan you get through an individually owned healthcare company. Part D of Medicare covers medications. Medicare requires that you pay a small monthly premium for your health insurance, and they require that you pay a deductible, but they pay 80% of your healthcare costs once you are approved for Medicare and pay your premiums.
Medicaid
Medicaid will pay for long-term care provided in a nursing home. It will pay more for this type of care than Medicare will. Medicaid will also pay for visits to the doctor, physical therapy, glasses, hearing aids, and dental work. Your dental coverage is in accordance with what the state you live in offers.
Medigap
Although there are some Medigap plans that give more benefits than others, the benefits given by all of the plans are basically the same. Some of them will pay more for certain services than other Medigap plans, some will have an out-of-pocket limit, and others may not have a limit. Medigap plans are recognized as plan A, B, C, and so on up to Plan N. To find out what each plan does and doesn’t cover, take a look at the “Medicare Plans” chart on the Medicare.gov website.
The three healthcare programs called Medicare, Medicaid, and Medigap can help save you money. To find additional information about these healthcare plans, go online to the medicare.gov website. Don’t lose out and learn as much as you can about what they have to offer.
References:
medicare.gov/supplement-other-insurance/medigap/whats-medigap.htm
ssa.gov/disabilityresearch/wi/medicaid.htm
medicaid.gov/medicaid/benefits/list-of-benefits/index.html
medicaid.gov/medicaid/benefits/dental/index.html
medicare.gov/sign-up-change-plans/decide-how-to-get-medicare/whats-medicare/what-is-medicare.html
medicare.gov/supplement-other-insurance/compare-medigap/compare-medigap.html
AARP Social Security For Dummies; Jonathan Peterson; 2012
Social Security 101; Alfred Mill; 2016