Medicare is a government-run health insurance program that provides coverage for Americans over the age of 65. There are two main types of Medicare: Original Medicare and Medicare Advantage. In this blog post, we will discuss the differences between these two types of coverage. Stay tuned to learn more!
Original Medicare vs Medicare Advantage: What’s the Difference?
Original Medicare, also known as Traditional Medicare, is the government-run health insurance program that most Americans are familiar with. Medicare Part A for hospital and Part B doctor and outpatient. Together, these two parts cover a majority of medical expenses for seniors.
Medicare Advantage:
Offered by private insurance companies. Also known as Medicare Plan C , will provide coverage equal to that of Medicare. Also, they often come with additional benefits such as dental and vision coverage. In addition, Medicare Advantage plans often have lower out-of-pocket costs than Original Medicare.
So, which type of coverage is right for you? The answer depends on your individual needs and preferences. If you are happy with Original Medicare, then there is no need to switch to a Medicare Advantage plan. However, if you are looking for more comprehensive coverage or lower out-of-pocket costs, then a Medicare Advantage plan may be a good option for you.
Costs Associated with Original Medicare
One of the main factors that you will need to consider when choosing between Original Medicare and Medicare Advantage is cost. Here is a breakdown of the costs associated with each type of coverage:
Part A: Most people do not have to pay a monthly premium for Part A coverage. However, you may have to pay a deductible and coinsurance for some services.
Part B: You will need to pay a monthly premium for Part B coverage. In addition, you may have to pay a deductible and coinsurance for some services.
Original Medicare does not cover dental, vision, or hearing care. You will need to purchase a separate supplemental insurance plan to cover these expenses.
Costs Associated with Medicare Advantage:
You will need to pay a monthly premium for Medicare Advantage coverage. In addition, you may have to pay a deductible and coinsurance for some services.
Medicare Advantage plans typically cover dental, vision, and hearing care. However, some plans may require you to purchase a separate supplemental insurance plan for these services.
Can Medicare Advantage Help Pay towards Medicare Premiums?
Yes, in some cases Medicare Advantage plans can help pay for your Medicare Part B premiums. However, this will vary depending on the plan that you choose. Be sure to speak with a representative from your insurance company to see if this is a benefit of your particular plan.
Switching from Original Medicare to Medicare Advantage
If you are currently enrolled in Original Medicare and you want to switch to a Medicare Advantage plan, you can do so during the annual enrollment period. This is the time of year when you can make changes to your Medicare coverage. The annual enrollment period for 2023 will take place from October 15th – to December 7th.
Pros and Cons of Medicare Advantage:
Pros:
- Some plans come with low or zero premium
- Offer dental and vision
- Some help with part B premium
- Include drug coverage
- chiropractic care
- Silver Sneakers
Cons:
- Network restrictions
- Hospital per day costs
- Dr.s can opt-out at any time
- Plans can deny claims
Pros and Cons of Original Medicare
Pros:
- High Acceptance Rate
- Medicare is a pay and chase company. So claims get paid quickly
- No networks to deal with
- National Coverage
Cons:
- Does not include drug coverage
- You would have to buy additional coverage to cover the 20% Medicare Doesn’t Cover and Deductibles
- No vision
- No Dental
The best way to make a decision when it comes to choosing a plan is to sit down and make a list of what is important to you and why. Once you have a list then reach out to one of our agents and we can go over your list as well as bring up some things that you may have not thought of. Like, do my Doctors work with what I am going to sign up for. Are my medications going to affect my monthly budget? The good news is, these concerns and many like it are easy to navigate once we look at your situation and get you with the best product for your individual needs. Give us a call, we are here to help.