Not everyone needs to subscribe to all the parts of their private health insurance policy. Each part caters to the individual needs and requirements of the subscriber of the private health insurance policy. However, you would need to know what each part is all about and who is eligible for which part. Here are some details with regard to the different parts of your private health insurance policy.
What does Part A do?
It can be paid for through the taxes from your payroll. It helps cover the costs of home health care, skilled nursing facility health care, hospice care, and inpatient care at hospitals. If you have worked and also given your payments for your Social Security taxes for a minimum of ten years, then at the age of 65, you become automatically eligible for the medical health insurance policy Part A, which is free of premium. If you do not become eligible based on your employment history, then you will become eligible based on the employment history of your spouse. If you have a disability or some other health condition, you become eligible before the age of 65. You will need to go here if you wish to find out more about Part A and more.
What roles does Part B play?
By paying monthly premiums, your health care expenditures get covered through your medical health insurance policy Part B. It covers home health care, outpatient care, preventive services, durable medical equipment, and services from physicians and other health care providers. The premium for Part B is taken from either your disability payment or Social Security retirement on a monthly basis. In case you do not have any of these two ways to pay, then you will receive a bill every three months urging you to pay your premium.
What is the use of Part C?
You have to pay a premium every month for your medical health insurance policy Part C. It is a private medical health insurance policy. You would have to pay for both the premium for Part B as well as a monthly premium against your chosen scheme. You would also have to bear the costs of the copayments when you are being given your health care services.
What does Part D cover?
It assists you with the coverage of the cost of your prescription drugs. Depending on the scheme you choose, Part D requires you to pay a monthly premium. The costs and coverage related to Part D change every year. Therefore, you would have to evaluate your choices carefully.
Which parts do you really require?
You would need to have Parts A and B. Without them, your insurance policy would be incomplete. Part C is for those who have signed up for a private health insurance policy. If you want your prescription drugs to be covered, you would also need to subscribe to Part D. Parts C and D are usually not compulsory. Therefore, you would need to review the options that are there in front of you and decide accordingly as to which scheme or part is right for you.
