Medicare Part
D is prescription drug coverage that supplements your existing Medicare coverage.
Medicare is a federally managed insurance program for elderly and disabled individuals. Medicare Part A and B, also referred to as Original Medicare, do not cover all medical expenses, including prescription drugs, some nursing home expenses and non-medical in-home health services. Options are available for supplementing your existing Medicare coverage whether you are elderly or disabled.
Deductibles & Copayments
Medicare Part A & B typically cover 80 percent of medical bills until the deductible is met. Medigap policies and Medicaid may cover the other 20 percent of medical expenses.
Premium
Medicare Part B requires payment of a premium, which in 2010 is typically $96.44 a month. If you are eligible for Medicaid, you are eligible for Qualified Medicare Beneficiary (QMB). QMB is a Medicaid program that pays your Part B premium and typically pays your co-payments and co-insurance amounts.
Prescription Drugs
Original Medicare does not offer coverage for prescription drugs. Private insurance providers offer federally subsidized prescription drug plans under Medicare Part D.
Private Insurance Plans
If you have a private insurance plan, such as one obtained through employment or purchased, the plan is always considered primary to Medicare. However, any medical costs not paid by the primary insurance company may be billed to Medicare.
Medigap
Medigap is a specific type of Medicare plan offered by private insurance providers. It helps pay for many costs that Original Medicare does not pay for, including portions of the deductible, the cost of certain procedures and other medical costs.
Tags: Medicare Part, Original Medicare, elderly disabled, existing Medicare, existing Medicare coverage, insurance providers
