MEDICARE, SUPPLEMENT, OR ADVANTAGE?
October 4, 2017
After you’ve successfully enrolled for medicare coverage. You now must decide which options are best for your needs. Should you stick with Original version, or get more coverage? Today we’ll review the advantages and drawbacks of each choice.
Comprised of Parts A and B, Medicare is a government issued health plan. It provides coverage for hospital and doctor’s office visits, laboratory work, x-rays, and other medically necessary procedures. If you’ve paid Social Security taxes over the last ten years and are 65 or older, Part A will be completely free to you. Part B may come with a premium.
Sometimes referred to as Medigap coverage, Supplement plans are offered by private insurers and provide different areas of coverage depending on which plan you choose. There are ten standardized plans offered by 47 states (Massachusetts, Minnesota, and Wisconsin have their own offerings) lettered A, B, C, D, F, G, K, L, M, and N. Prices will vary from insurer to insurer so make sure you shop around before signing up.
Also known as Part C, Medicare Advantage is a plan provided by private insurers approved by Medicare and must carry the same amount of coverage as the Original. Many people choose Medicare Advantage plans because it provides extra coverage for things such as dental and vision services that aren’t under the Original. Additionally, some plans might even offer prescription drug coverage. Keep in mind that before enrolling in a Medicare Advantage plan you must first be enrolled in the Original.
Do a careful evaluation of your personal health care needs before deciding on a health care plan. When shopping around for Medicare and Advantage plans look at: the premium payments, deductibles, and co-pays to be sure it’s in your budget.