If you're on Medicare for health insurance, you may benefit from a Medicare Advantage plan to cover you rather than keeping original Medicare. Many Medicare Advantage plans offer additional coverage and benefits that original Medicare doesn't offer.
Part A and Part B
Original Medicare includes Part A, which is hospital insurance, and Part B, which is the medical insurance portion of the plan.
If you have original Medicare, you can purchase supplemental coverage, such as Medigap insurance, or use other insurance, such as Medicaid or insurance through a former employer, to help cover out-of-pocket costs that Part A and Part B don't cover.
Medicare Advantage plans, which are also referred to as Part C, are best thought of as bundled plans that include Part A and Part B, as well as other benefits.
If you have original Medicare, you can go to any doctor or hospital in the United States that takes Medicare. If you have a Medicare Advantage plan, you'll need to stick to doctors that are in the plan's network to receive your full benefits.
Part D
Medicare drug coverage is referred to as Part D. Original Medicare doesn't include coverage for prescription drugs, but people who are on original Medicare can purchase a Part D plan separately to help cover the cost of their drugs.
Most Medicare Advantage plans include prescription coverage as part of the bundled plan. Every Advantage plan includes different things, so it's important to check the coverage carefully to make sure your medications will be covered.
Extra Benefits
Original Medicare doesn't include any coverage beyond hospital and medical insurance unless you purchase supplemental coverage or have additional coverage from another insurance provider.
One of the biggest benefits to Medicare Advantage plans over original Medicare is that Advantage plans usually include additional benefits.
For example, original Medicare doesn't include coverage for vision, dental, or hearing-related issues, but most Medicare Advantage plans include at least some coverage for these things.
Costs
Original Medicare requires a premium for Part B, as do Medicare Advantage plans. While you don't pay a plan cost for original Medicare, you will have a monthly premium for an Advantage plan, though the premium may be at no cost to you.
Original Medicare doesn't have a yearly cap on how much you can pay out of pocket. Medicare Advantage plans have a yearly limit on Part A and Part B services, so you'll know the maximum annual cost for those services up front.
There are multiple factors to consider when it comes to your health insurance and what plan is best for you. Medicare Advantage plan providers can answer your questions about what type of coverage and plan is best for your individual situation and needs.
Share8 November 2021
