Signing up for Medicare can be a daunting and often confusing process. In addition to understanding the various enrollment periods, all of which carry the potential to lead to late enrollment fees, there are multiple Medicare Parts to consider as well. If the idea of a bundled Medicare plan appeals to you, then a Medicare Advantage Plan (sometimes referred to as Medicare Part C) may be the solution that you are looking for. Medicare Advantage Plans are not necessarily the right choice for everyone, but the information in this article will hopefully help you to understand whether these grouped plans are right for you.
Traditional Medicare
Traditional Medicare, also commonly known as "Original" Medicare, consists of Medicare Parts A, B, and D. Medicare Part A solely covers hospital-related healthcare expenses, including long-term hospital stays. On the other hand, Part B covers the majority of traditional healthcare expenses, including routine doctor's appointments, lab work, and so on. Most people who make use of Medicare will eventually enroll in both Part A and B, although it is not necessary to do so at the same time if you still have employer-sponsored healthcare.
Unfortunately, neither Part A nor Part B cover prescription drug costs. For this, a Medicare Part D plan is required. Part D plans are administered by a variety of private insurance firms and each plan has its own limitations, co-pays, deductibles, and other terms. Medicare Part D is optional, but it is the standard way to receive prescription drug coverage under Original Medicare.
Medicare Advantage
Medicare Advantage is an alternative to Original Medicare coverage. Unlike Original Medicare, Medicare Advantage plans bundle all the benefits of Part A and Part B together into something more like a traditional health insurance plan. Medicare Advantage plans do not necessarily have drug coverage, however, but many offer this as an additional benefit.
In addition to offering bundled benefits, the key difference between Medicare Advantage and Original Medicare is that Medicare Advantage plans are managed by private insurance companies. These private firms are required to offer the same coverage as Original Medicare, so anything that would normally be covered under Part A or Part B is guaranteed to be covered under a Medicare Advantage plan as well.
Is A Medicare Advantage Plan Right for You?
Unlike Medicare Part A and B, Medicare Advantage plans come in a variety of flavors that are similar to traditional employer-sponsored healthcare plans. This means that the process of selecting an Advantage plan can be somewhat more difficult than simply signing up for Original Medicare. The benefits, costs, deductibles, and potential total out of cost fees will vary between plans as well. This means that you may be able to save money with a Medicare Advantage plan, but potentially at the cost of some benefits. On the other hand, many Medicare Advantage plans offer additional benefits such as vision and dental which are not available under Original Medicare.
The best course of action is to research the Medicare Advantage plans available in your area. Since these plans are administered by private organizations, the plans that are available vary from region to region. Before beginning, decide on your requirements for coverage. Is vision or dental coverage important to you? How concerned are you about out-of-pocket drug costs? Keep these requirements in mind as you compare plans so that you can make an informed decision.
Get in touch with a company like Senior Care Insurance Services for more information.
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