Most people are familiar with the traditional Medicare insurance plan -- the Medicare Advantage Plan, which generally operates just as any other insurance policy would. That isn't the only option for Medicare insurance, however. There are four alternative types of Medicare insurance plan available for those seeking alternative healthcare options.
1. Medicare Cost Plans
A Medicare cost plan is a very basic plan which covers only Part B expenses, unlike more common Medicare plans which include Part C or Part D. Part B includes services, such as doctor visits and surgeries, but it does not cover medications. Services are considered to be one of two categories: medically necessary services and preventative services. The full cost of preventative services is covered by the Medicare Cost Plan, but only if the health care provider qualifies.
2. Programs of All-Inclusive Care for the Elderly
This program (PACE) is intended to pay for expenses related to the care for elderly individuals. This includes all of the necessities, ranging from caregiver training to dental emergencies. PACE applies only to those who are receiving care within their home: it's designed to help those who have chosen to avoid nursing home care and instead care for the elderly themselves.
3. Medication Therapy Management
Medication Therapy Management is a Medicare program that aids individuals in finding the correct medications for them. Medication management is designed to help individuals who must take multiple medications or switch medications often. Through MTM, patients will be able to determine whether there are medications that may interfere with each other and whether all of their medications are necessary.
4. Medicare Savings Accounts
A Medicare savings account is a two-part system. At its core, it's a high-deductible health insurance plan, offering something very similar to catastrophic coverage. Coverage does not kick in at all until a substantial amount of money has already been paid throughout the year. However, a Medicare savings account differentiates itself from catastrophic coverage with its second component: a savings account. This tax-protected savings account can accrue payments from the policy holder, which can be used to pay the deductibles.
Medicare coverage may be different depending on the state that you're in, or even within your locality -- you may want to contact your local Medicare department to find out more. In general, Medicare offers a variety of plans which will help those who cannot afford more conventional plans, though they must meet the relevant requirements.