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Assignment 2: Understanding Medicare Coverage

Decent Essays
Understanding your Medicare coverage can be a bit of a hassle. But it's important that you do understand your coverage, because it has a lot to do with your financial security. You should be aware of what you have covered in terms of medical expenses in terms of in patient, out patient, doctor's visits, and medications. That way you'll know what to expect if you use a lot of medications or end up going to the doctor, and you'll be able to arrange your finances accordingly.

Medicare is provided by the government as a means of offering health insurance to those 65 years and older. If you have a Medicare plan, yours will be one of various plans offered that will cover certain things. Below is basic information on the four main plans and what they cover, so you know what you can expect to get.

The first plan is Medicare A and it will cover any of your inpatient fees.
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This plan also covers some preventive services that will keep you from becoming sick. This plan does not cover 100% of your outpatient expenses, but rather about 80% of what Medicare deems fair prices for these services.

The Medicare Advantage plan is Medicare C. It's offered through a private company. If you know you get your insurance through a private company you know it's not A or B. Medicare Advantage combines all the benefits of A and B plus other things, such as many of your drug prescriptions. This is the most comprehensive of the Medicare plans because it covers the majority of medical expenses you may have.

Medicare D is also provided to you through private companies and are known as prescription drug coverage plans. Medicare D doesn't cover anything other than prescription drugs, and the cost and coverage can vary depending on the company and plan you go with. If you don't need help paying for anything apart from your medications, this is a good option for
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