Senior Health Insurance : Medicare, Medigap and Medicaid Explained

There are different senior health insurance options to choose from and knowing what the different plans offer you will help in your decision. Understanding the different options will allow you to choose what’s right for you.

Medicare Coverage

This program is a federally sponsored senior health insurance plan. The plan will cover medical costs for those who are 65 or older. Those who choose this coverage pay deductibles and co-payments, but the majority of their health expenses are paid for. The program is less inclusive that other health insurance programs, however it is needed for those whose status is post-retirement. The Medicare program is separated into three sections. Part A is for hospital expenses, Part B pays for doctor charges, and Part C gives its members the option to choose from different health care packages.

Medigap Policy Information

This program is a supplemental policy that is offered to Medicare participants by private insurance companies. It has been included to fill in the gaps in Medicare coverage. Some states such as Massachusetts, Minnesota and Wisconsin do not allow this coverage. There are 10 standardized plans offered by Medigap they are named Plan A through Plan J. Some of these gaps would be the deductibles owed under Medicare’s program, the medical charges that are higher than what Medicare will pay, and other services or supplies that Medicare doesn’t cover.

Medicaid Program Information

This is a program that is paid for by federal and state governments. Medicaid will cover medical expenses for those who are unable to pay for it themselves. It most often assists those who are low income. It will also assist those who are disabled or elderly and may assist with senior health insurance. There are requirements that need to be met, such as the amount of the person’s income to qualify. The Medicaid program has an application procedure. All states are a part of this program; however each state has different criteria involved with their program.

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