MEDICARE, SUPPLEMENT, OR ADVANTAGE?
September 4, 2018
MEDICARE, MEDICARE SUPPLEMENT, OR MEDICARE ADVANTAGE?
If you’re just getting started with Medicare, you now must decide which Medicare plan option is right for you. Should you stick with Original Medicare, or get more coverage? Today we’ll review the advantages and drawbacks of each choice.
Original Medicare is administered by the federal government, made up of two parts, Part A & Part B. Part A is hospital insurance that covers eligible costs for care you receive as an inpatient in a hospital or skilled nursing facility. It may also cover hospice care. Part B is medical insurance that generally covers outpatient services like doctor office visits, outpatient tests, home health care, and certain preventive services. If you’ve paid Medicare taxes for a certain amount of time while working and are 65 or older, or under 65 with a qualifying disability, you usually don’t pay a premium for Medicare Part A. You pay a monthly premium for Medicare Part B.
Also known as Medicare Part C, Medicare Advantage is a plan provided by private insurers approved by Medicare and must offer the same amount of coverage as Original Medicare (except for hospice care, which is still covered under Part A). Many people choose Medicare Advantage plans because they able to offer additional benefits such as routine dental and vision that aren’t covered under Original Medicare. Additionally, some plans might even offer prescription drug coverage.
Do a careful evaluation of your personal health care needs before deciding on a health care plan. When shopping around for Medicare Supplement Insurance and Medicare Advantage plans you should be mindful of the following items to determine if a plan is right for you monthly premiums, deductibles, and co-pays as applicable.