What Impact Does Medicare Have On Health Insurance?
What impact does Medicare have on health insurance?
Medicare is considered a secondary insurance if you have another insurance provider. For example, if your employer provides health insurance, Medicare would cover the difference between what your primary insurance pays, and Medicare would cover the rest.
Is health insurance the only insurance that counts as primary insurance?
Many insurance types can be considered a primary insurance depending on the situation. If you are in a car accident, and your insurance or the other person’s insurance covers any medical expenses, those would be considered a primary insurance. Similarly, if you have home owner’s, or renter’s insurance, and they cover a qualified medical expense, then they would be considered the primary insurance. This also includes coverage such as prescription coverage, and other forms of supplementary coverage.
Can Medicare be your only insurance provider?
If Medicare is the only insurance you possess that provides health and wellness coverage, then it may very well be your primary insurance.
So what question should I be asking?
People with Medicare should be asking what impact their health insurance has on Medicare as opposed to what impact does Medicare have on health insurance, as Medicare only pays after a primary insurance has covered the brunt of any medical expenses incurred. Depending on your primary coverage, and the way your premiums are determined, having Medicare as a secondary insurance can either hurt or help your primary insurance’s premium and co-pays.
For the most part, having a primary insurance, especially one paid for primarily by an employer, will be a great way to fill any gaps that Medicare may not cover, but make sure how your specific insurance provider works with Medicare before making any decisions.