health-insurance

In part one of this health insurance comparison article, we discussed HMOs, PPOs, and POS policies. However, the spectrum of health insurance policies doesn’t end there. If you qualify for them, Medicare and Medicaid are both good quality insurance programs run by the federal government that you might want to consider.

*Medicare-Medicare was signed into action by President Lyndon B. Johnson in 1965. It’s a government-sponsored, single payer program that’s available to Americans age 65 and older, as well as disabled Americans who are younger than 65 and also drawing Social Security disability payments. You pay into the system through payroll deductions for as long as you’re working (these deductions are mandatory). Once you hit 65 years of age, you are automatically signed up for the program. If you are disabled, you can draw Medicare as soon as you’ve been getting disability payments for a year.

Medicare has 3 main parts-Part A, Part B, and Part D.  Part A covers hospitalization, and is automatically given to everyone who gets Medicare. Part B covers doctor visits and lab tests, and requires a small monthly premium to be taken out of your Social Security check to get.  Part B is voluntary, so you have to opt into it. Part D covers prescriptions, is also voluntary, and also requires a small monthly premium payment.

*Medicaid-Medicaid is a joint program that’s handled by both the federal government and the states. Each state handles its own Medicaid program, and is given funds toward its operation by the federal government. Medicaid is for low-income people of any age, including children, and you qualify for it entirely based on income. You’re free to go to any doctor who accepts Medicaid, though finding one may be difficult. In many cases, Medicaid recipients end up going to state and county-run clinics for treatment. However, there are no premiums to pay with Medicaid, which makes it a popular option for elderly people, who often sell all their assets so they qualify for Medicaid for nursing home purposes.

We hope this health insurance comparison helped you decide which policy is right for you, and also helped you understand the differences in each type of coverage. Health insurance can often be a confusing thing, and it’s a complicated road to navigate. Once you’ve got the right coverage, though, it will make a huge difference in your family’s lives. If you don’t have coverage now, get it soon, because you never know when you’re going to need it.

This is the second installment in our health insurance series. Be sure to check back for updates…

Filed under: Health Insurance

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