Medicare Health Plans

There are two types of Medicare Health Plans:

· Medicare Advantage Plans

· Other Medicare Health Plans

Medicare advantage plans include prescription drug coverage as a portion of the plan are health plan options that are approved by Medicare but are run by private companies. They provide services under the Medicare program. Therefore, joining a Medicare Advantage Plan means you are still in Medicare.

Here is how things work for Medicare Advantage Plans:

You can acquire all the benefits for your Medicare through that plan.
Extra benefits such as coverage for vision, dental, hearing, and/or health and wellness programs can be acquired.
Often times, you pay on your own for added benefits in the form of coinsurance or co-payments. But the costs are expected to be less than those in original Medicare plans. However, these may vary by the services you use.
You can only choose health care providers who are part of the network.
You are not required to purchase a Medigap policy anymore.

These plans are under the Medicare Advantage Plans:

Health Maintenance Organizations (HMO)
Preferred Provider Organizations (PPO)
Private Fee-For-Service (PFFS) Plans
Medicare Medical Savings Account (MSA) Plans
Medicare Special Needs Plans (SNP)

Prescription drug benefit is covered under Medicare prescription drug plans. Similar with other insurance plans, you will pay a monthly premium that will vary depending on the plan as well as pay a share of the cost of your prescriptions. The rates and benefits vary depending on the prescription drug plan that you choose.

There are other types of Medicare Health Plans that consist of prescription drug coverage as part of the plan - but not part of the Medicare Advantage Program even though they're both Medicare. With these following plans, you will generally obtain all your Medicare-covered health care through that plan:

Medicare Cost Plans
Demonstrations/Pilot Programs
PACE (Programs of All-inclusive Care for the Elderly)

Anyone who has Medicare can enroll for Medicare prescription drug coverage. These plans covers both generic and brand. Extra benefits are also presented for those who need it most.But of course it depends on you if you choose to take them or not. However, you will have to pay a penalty if you opt to join later instead of when you were first eligible. Similar with other insurance, you are responsible to pay for this penalty as long as you have your Medicare prescription drug coverage.