Original Medicare is a health insurance program for individuals 65 or older that is funded by the federal government. It consists of two parts, Part A (Hospital Insurance) and Part B (Medical Insurance). Although it provides valuable coverage to Rhode Island Medicare beneficiaries, it has many gaps. There are a couple options you may choose from to widen your coverage: Rhode Island Medicare Supplement plans, and Rhode Island Medicare Advantage plans.
Medicare Supplement plans, or Medigap, are health insurance plans that were designed to help fill those gaps. These plans are sold by private insurance companies in Rhode Island and help to cover services that Original Medicare does not. Supplemental health insurance helps make health care more affordable for Medicare beneficiaries in Rhode Island.
Medicare Advantage plans help to cover Part A, Part B, and Part D (prescription drug coverage). Like Medicare Supplement plans, Medicare Advantage plans are sold by private health insurance companies in Rhode Island. The advantage they have over Medicare Supplement plans is that they include prescription drug coverage.
Medicare Health Insurance Providers
How do I choose the Rhode Island Medicare health plan that's right for me?
There are many things to consider when purchasing a Rhode Island Medicare health plan. You must know and consider your options and evaluate the benefits that best fit your health care needs. Some things to consider when researching a Rhode Island Medicare health plan include:
- Monthly Premiums
- Annual Deductible
- Out of pocket costs
- Prescription drug coverage
- In and out-of-network physicians
- In and out-of-network hospitals
- In Home Recovery
Medicare Health Insurance Plans
Medicare is classified into four different categories:
- Medicare Part A: Part A covers Hospital Insurance and gives financial assistance for inpatient care. Part A also partially covers skilled nurses, hospice, and home health care under certain conditions.
- Medicare Part B: Part B covers necessary medical services such as outpatient care and doctor services. Some preventative care is also covered to maintain your healthy status and minimize the chances that other illnesses might become more severe.
- Medicare Part C: Part C is a Medicare Advantage Plan. It combines Part A and Part B and in some instances, it also combines Part D. Medicare Part C plans are privately managed by insurance companies approved by Medicare. The plans cover necessary medical services, although, these plans have co-payments, coinsurance, and deductibles that can vary.
- Medicare Part D: Part D provides assistance covering prescription drugs. The coverage will vary depending on the plan, but it may help lower your prescription drug costs and help prevent high costs in the future.