When it’s your time to sign up for Medicare, there are two main ways that you can get coverage – original Medicare and Medicare Advantage (Part C).
Medicare Advantage, also known as Part C, is a plan approved by Medicare that is offered through a private company. It offers an alternative to Original Medicare for your health coverage.
So, you might be thinking – which Medicare option is better? Well, the answer is… that there is no answer. Like most things in healthcare, the right choice depends on your unique needs and situation.
While some may find that Original Medicare meets their needs, others may benefit more from the added features of Medicare Advantage and vice versa. The best way to determine which one works best for your circumstances is by setting an appointment with a licensed insurance agent to discuss the differences.
However, before you set that appointment, continue reading to get a basic understanding of how Original Medicare and Medicare Advantage compare.
All-in-One Coverage
A key difference between Original Medicare and Medicare Advantage is the “all-in-one” convenience that people value in a Part C plan. Original Medicare provides Part A and Part B coverage. Part A, often called hospital insurance, mostly covers inpatient hospital stays, skilled nursing facility care, hospice care, and some home healthcare services. Part B, also known as medical insurance, covers medically necessary services, outpatient care, and preventive services not covered by Part A.
What differentiates Medicare Advantage is that, in addition to both Part A and Part B coverage, it often includes Part D, a program that helps beneficiaries pay for prescription drugs. The plan also offers additional benefits that Original Medicare doesn’t cover.
The well-rounded coverage gives beneficiaries an easier time prioritizing their health and wellness.
Potential Cost Saving
Another differentiator between the two types of Medicare is cost. However, one plan isn’t cheaper or more expensive than the other. The total cost truly depends on the individual’s specific needs and choices.
With Original Medicare, most people pay a Part B premium, while many qualify for a $0 Part A premium. And since Original Medicare doesn’t include prescription drug coverage, individuals often add a Part D plan and Medigap policy to help with out-of-pocket expenses. These additions can make the total monthly cost higher than some Medicare Advantage options.
On the other hand, those with Medicare Advantage will still pay the Part B premium, and in some cases, a separate premium for the Advantage plan itself. However, many Medicare Advantage plans offer $0 monthly premiums and often include Part D coverage, which eliminates the need to purchase it separately, unlike with Original Medicare.
As you can see, the overall cost can vary significantly based on the coverage you choose and your healthcare needs. This is why it’s very helpful to speak with a licensed insurance agent, who can sit with you and walk you through your options to help you find the most cost-effective plan for your situation.
In Conclusion
There is no one-size-fits-all answer when it comes to your healthcare. It is up to you to consider your health, budget, and lifestyle when choosing between the two Medicare plans. Also, try to look to the future and remember that your health status will not stay the same forever. What plan will work with you as you age? And if you need help working through those questions, contact Empower Brokerage.
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