According to Brycen Millett, if you have Original Medicare and want additional coverage and are limited by your budget, a Medicare Advantage plan may be for you. If you work, your union or employer may pay for Original Medicare coverage. Part D plans can complement Original Medicare coverage. But do I really need to buy a Medicare Advantage plan? Read on to learn more about Medicare Advantage plans. Here are the pros and cons of these plans.
Considering enrolling in a Medicare Advantage plan? There are some basic differences between Original Medicare Advantage plans. The two main types of Medicare plans are the original plan and the Medicare Advantage plan. Original Medicare was introduced in 1965 and consists of two parts: Part A and Part B. Part A covers hospitalization while Part B covers doctor visits and outpatient care. Since then, the list of covered services has expanded.
The two types of Medicare health insurance programs are similar in some ways. Original Medicare is government-run, while Medicare Advantage is sold by private insurance companies under contract with the CMS. While both programs provide comprehensive health care coverage, the key differences can affect which one is right for you. Original Medicare requires a premium for Part B, which covers emergency room visits and doctor visits, while Medicare Advantage covers everything except for prescription drugs. Both types of coverage are necessary, and you should consider the pros and cons of each before making a final decision.
If you are currently on Original Medicare, you should consider enrolling in a Medicare Advantage plan. This plan combines parts A and B into one, allowing you to control costs. Since 90% of MA plans cover prescription drugs, you won't need a separate Part D plan. They also don't offer Medigap policies. You should research the plan before signing up, however. Choosing the right Medicare package for you can ease stress and reduce expenses.
Brycen Millett thinks that the Medicare supplement program requires you to pay a premium for Part B and may offer additional benefits. The cost is based on the percentage of coverage that you have chosen. Some policies include extra benefits, such as coverage when you're traveling outside the U.S. Other policies are designed to cover the cost gap between Original Medicare and your coverage. Original Medicare only covers 80 percent of covered expenses, leaving you responsible for the remaining 20 percent.
A Medicare Advantage plan offers extra benefits, like dental coverage, that you wouldn't otherwise be able to get under traditional Medicare. These supplemental benefits may be paid for by rebates or bonus payments, which the plan provider will pass on to the enrollee. Since these rebates increase every year, Medicare Advantage rebates have increased significantly as well, and will reach $140 per month by 2021. Supplemental benefits can also be paid for by enrollees, and starting in 2019, they can be charged as a separate premium. Still, the benefit must be "health-related," as defined by the CMS.
Medicare Advantage plans must cover the same types of outpatient services that Original Medicare does. Before choosing an Advantage Plan, it is important to understand what Medicare Part C will cover and what is not covered by Original Medicare. Some Part C plans won't cover prescription drugs, and beneficiaries must have separate coverage for these. Some Part C plans do not pay for routine dental care, or even vision or hearing aids. Some also have deductibles, so look carefully at the benefits your Medicare Advantage plan offers.
Medicare Advantage covers all of the services you get with Original Medicare, including prescription drugs, outpatient services, and hospital care. It is a private insurance plan that combines all three aspects of Medicare into a single plan. Original Medicare Advantage cover the same things, including prescription drugs and preexisting conditions. You'll need to sign up for both when you reach 65 and can't get the insurance through your employer.
Brycen Millett feels that the biggest disadvantage of Medicare Advantage plans is that they restrict the types of providers that you can see. In Original Medicare, you can visit any provider who accepts Medicare. Medicare Advantage plans often limit the types of doctors you can see, and they may require you to obtain prior authorization before you can visit a specialist. Although some doctors are in-network, most primary care doctors participate in Medicare. You can find a physician within the network of a Medicare Advantage plan.