Medicare advantage plans are making headway into medical insurance industry. With rising costs of Medicare, these plans have come to fill in the gaps in your general Mediclaim policy. It covers those parts, like copayments, coinsurance and deductibles which your general Mediclaim policy does not cover.
Copayments, Coinsurance and Deductibles
Let us find out more about these. Copayments are a sort of cost-sharing option between the insurance company and the policy holder. This is fixed on the basis of services like doctor visits, prescription drugs and such other kinds of services. For e.g. if $50 is mentioned as your agreed copayment fee, you need to pay that from your own pocket when you go to see the doctor.
Next comes coinsurance. It is a percentage of the total cost of medical service, which goes from your pocket. You can pay it right away, at the time of service or later during bill settlement.
Annual Deductible is the agreed amount that, you’re out of pocket expense in case of a medical crisis. All of these may be applicable to the same Medicare plan or different ones, as may be the case.
What services do copayments cover?
These cover your costs towards, non –preventive healthcare checkups, specialist appointments, prescription drugs, speech diagnosis and therapy, Counselling and ambulance services.
Another name for Medicare advantage plans is Medigap. It simply bridges the gaps between your general Mediclaim policies.
There are few things that you ought to remember about your Medigap plan:
- You should have both Medicare Part A and B to get the benefits.
- You should have a general Mediclaim policy.
- All states through the US have standardized Medicare advantage plans, so you can purchase one from any of the private players.
- These plans do not cover dental treatments, eye care of cosmetic variety and purchase of ocular accessories.
Beware the illegal activities surrounding Medicare advantage plans. You can take the help of law enforcement agencies, if you feel that you are been forced to purchase such plans from any private player or are lured towards other plans.
You should know that you cannot buy two such plans. Medicare Advantage plans and advantage plans are separate. If you have a Medicare Advantage plans, you cannot buy a advantage plan. You can buy it, if the date of effect starts after the advantage plan ends.
Please use your common sense, when going for such purchases. Look into all the legalities and seek assistance if required.