The short answer to this question is yes. It is very possible to have both Medicare insurance and private insurance. Medicare is a type of public insurance given to people by the government while private insurance is given as an employment benefit to people who work in private companies. Read on to find out how both plans can work together.
What Is Medicare and Private Health Insurance?
Medicare is a federal government insurance that is given to people who are 65 and above. It can also be given to younger people who are disabled. There are four different parts of Medicare
- Medicare Part A [1]: This part of medicare covers the nursing facility and hospice.
- Medicare Part B [2]: They help to cover the services from doctors, durable medical equipment, outpatient care, and home health care.
- Medicare Advantage [3]: This is a medicare plan given by private companies after it has been approved by medicare.
- Medicare Part D: This plan covers the cost of prescribed drugs.
Private health insurance is a coverage plan given to people who work in private companies by their employers. There are some parts of medicare managed by private insurance. They include medicare advantage and Medigap [4].