Is There Only One Medicare Company?
Your Medicare insurance company questions answered.
Searching for the right medicare insurance company can be daunting, especially if you aren't sure whether or not its one company. To find the right medicare company you will need to know what medicare is and then find the right company- because there are many medicare companies out there.
What is Medicare?
You should know that Medicare is a Federal funded social program that provides health insurance for hospital and medical bills to elderly citizens, and certain handicapped individuals. There are four parts to the program known as A, B, C, D which cover different parts of the health plan. Those four parts distinguish whether you will need to choose a medicare insurance company.
What Are the Four Parts to Medicare?
Parts A and B are called original Medicare or traditional Medicare and are administered directly by the federal government. However these two parts do not always cover all medical costs so you may supplement with Medicare part C, which is also called Medicare Advantage and purchased through a private insurance company. Part D provides prescription drug insurance and may be added to your Medicare Advantage or traditional Medicare plan. An alternate to Medicare part C to supplement your plan is known as Medigap and is available through private insurance companies.
There Is More Than One Medicare Insurance Company?
Your individual needs in an an insurance and ability to pay will determine which plan is best for you. Parts A and B are available through the Federal government and may be supplemented with part D prescription coverage or Medigap coverage through a private company. Any plan based on part C, known as Medicare Advantage, is a privately purchased plan that offers additional coverage to just A+B; this plan may also be supplemented with part D prescription coverage. Whether you get your insurance through the Federal government or a private company depends on what plan works best for you.