If you’re eligible for Medicare, you have several options for coverage. In this blog post, we’ll compare Medicare supplement plans to help you understand your choices and make the best decision for your needs www.Medisupps.com
Original Medicare vs. Medicare Advantage Plans
The first step in understanding your choices is to know the difference between Original Medicare and Medicare Advantage plans. Original Medicare is a government-sponsored health insurance program that includes Part A (hospital insurance) and Part B (medical insurance). You can also add a Part D prescription drug plan or a Medigap policy to help cover costs not covered by Original Medicare.
Medicare Advantage plans are an alternative to Original Medicare. These plans are offered by private insurance companies and must provide at least the same level of coverage as Original Medicare. Many Medicare Advantage plans also offer additional benefits, such as routine dental and vision care, that are not included in Original Medicare.
Now that you know the basics, let’s compare these two types of coverage in more detail.
Costs
One of the most important factors to consider when choosing a health insurance plan is cost. With both Original Medicare and Medicare Advantage plans, you’ll pay a monthly premium for your coverage. The amount of your premium will depend on factors like your age, location, and whether you choose individual or family coverage.
In addition to your monthly premium, you’ll also have other out-of-pocket costs with both types of plans. With Original Medicare, you’ll pay a deductible for Part A and Part B coverage before your insurance kicks in. For 2020, the Part A deductible is $1,408 per benefit period, while the Part B deductible is $198 per year. You’ll also pay coinsurance for most services covered by Parts A and B. Coinsurance is a percentage of the cost of a service that you pay out-of-pocket; for example, you may pay 20% coinsurance for a doctor’s visit covered by Part B.
Medicare Advantage plans typically have lower deductibles than Original Medicare, but they may require you to pay coinsurance for some services. In addition, many Medicare Advantage plans charge copayments for certain services; for example, you might pay a $10 copayment for a primary care visit or a $30 copayment for a specialist visit. it’s important to compare costs carefully before enrolling in any health insurance plan.
Coverage
Another important factor to consider when choosing between Original Medicare and a Medicare Advantage plan is coverage. All Medicare Advantage plans must cover at least the same benefits as Original Medicare, but some plans may offer additional benefits as well. For example, many Medicare Advantage plans offer routine dental and vision care, while others include prescription drug coverage or fitness memberships. When comparing plans, be sure to look at both the required benefits and any extra benefits that might be included so that you can choose the plan that’s right for you.
