Medicare is a major part of your healthcare if you are 65 or older. Choosing the right Medicare plan for you is crucial to your long-term health. We’ve reviewed Medicare plans based on treatment, customer satisfaction, and overall quality.
Medicare is the federal health insurance plan that covers treatments and procedures for older individuals. Once you turn 65 years old, you are eligible to begin coverage under Medicare. Additionally, some younger people with certain disabilities, or people with End-Stage Renal Disease, are eligible for Medicare coverage.
Regardless of which group you’re in, chances are, Medicare coverage is worthwhile. It helps you afford most medical treatments and procedures you may need throughout the rest of your life. Without it, you could be paying tons of money out of pocket. Medicare ensures you do not need to worry as much about the cost of medical treatments as you get older.
Every person who qualifies for Medicare insurance coverage has two main options they can choose from: Original Medicare, or Medicare Advantage. Original Medicare is the federal health insurance plan offered by the government, while Medicare Advantage is an alternative offered by private insurance.
Original Medicare has a list of specific services available you can choose to include in your Medicare coverage:
With Original Medicare, you pay a monthly premium for your overall coverage. You are typically required to pay a monthly premium for Part B (and sometimes Part A) and can add on Part D as a separate plan. Original Medicare includes a yearly deductible and requires you to generally pay about 20% of the medical services you receive throughout the year.
Medicare Advantage, alternatively, bundles Parts A, B, and usually D. Medicare Advantage is usually considered Part C, and also often includes additional coverage Original Medicare does not, like vision and dental coverage. You pay for the services you receive with Medicare Advantage.
Those who choose Medicare Advantage will have to go through a private insurance company, while generally offering health maintenance organizations (HMOs) or preferred provider organizations (PPOs) types of plans. Both require you to receive care in the network affiliated with your insurance provider.
Regardless of whether you go with Original Medicare or Medicare Advantage, you are covered for a range of medical treatments and procedures. Generally, these coverage options include:
Medicare covers many treatments and procedures that you may need throughout your life. However, it does not cover everything. Medicare does not usually cover ambulatory services, as well as therapies like speech therapy, occupational therapy, podiatry, or psychological services. Additionally, Original Medicare does not cover dental or vision services.
Medicare insurance costs vary depending on whether you go with Original Medicare or Medicare Advantage. For Original Medicare, your premiums are determined by:
Additionally, some Medicare Advantage plans do not come with a monthly premium. Your costs will be determined by which services you receive under your Medicare Advantage plan, the yearly deductible you are responsible for, whether you visit in-network providers, and more.
Medicare insurance is automatically given to some individuals, however, there are instances where you need to apply for coverage. Those 65 years and older are eligible, as well as some younger people who have kidney failure or certain disabilities.
If you fall into any of these categories, it is best to get Medicare insurance coverage as soon as possible. This is so that you can ensure you get coverage for the medical attention you may need, and know you are covered when unexpected things occur.
When deciding on the right Medicare coverage for you, you need to decide between Original Medicare or Medicare Advantage. To help you pick what’s best for you, consider the following:
Regardless of which plan you choose, remember that you can only enroll for either Original Medicare or Medicare Advantage during specific enrollment periods. If you are unhappy with your plan, you are eligible during these times to try another plan and see if it works better for you.