If you're getting older, you may be thinking about getting a Medicare policy. However, the whole process can seem overwhelming, especially when you look at all the plan options. If you would like to know more, keep reading.
Original Medicare
Original Medicare includes Part A and Part B. Part A covers your stay in inpatient facilities like the hospital, so you probably won't use it often. Part B, however, includes the bulk of your coverage, including:
You purchase Original Medicare directly from the government. For Part B, you may still be responsible for copayments or coinsurance, and you'll need to pay the premium.
Medicare Advantage
Medicare Advantage (aka Plan C) includes everything in Original Medicare. However, they also usually include Part D Medicare or prescription drug coverage. In addition, Medicare Advantage may include some coverage you can't find with Original Medicare. These include:
Depending on your needs and the policy, some plans even pay for transportation to your doctor visits.
Unlike Original Medicare, you purchase Medicare Advantage from a private insurance carrier. However, only Medicare-approved facilities and providers can sell Medicare Advantage, so you can trust the coverage.
For this reason, you can shop around to find better prices with lower premiums. However, you may be limited to using healthcare providers in the network. If you visit a provider out-of-network, you may have to pay all or more costs out of pocket.
Medigap
Unlike Original Medicare and Medicare Advantage, you can't buy a medigap policy on its own, and you only qualify if you qualify for Original Medicare. Medigap policies are designed to enhance your current plan. Medigap does not include Original Medicare or Medicare Advantage, so it does not replace Parts A, B, or D.
As with Medicare Advantage, you purchase them via private insurance carriers. Overall, medigap is designed to reduce out-of-pocket costs for you. They may also have an out-of-pocket limit.
As with Medicare Advantage, make sure to shop around and look for the policy with the best coverage. Since the policies are through private carriers, they may also provide additional services or coverage.
If you are going to sign up for Medicare, make sure you understand the policy. Medicare Advantage includes a lot more than Parts A and B, and a medigap policy may also reduce some out-of-pocket costs. For more information, contact a company like Active Medicare Solutions.