Posted on July 15, 2022 by Larry Johnson
Not sure which Medicare plan works for you? Use our easy tool to shop, compare, and enroll in plans from top providers.
Posted on July 15, 2022 by Larry Johnson
If you’re looking for Medicare coverage options, we can help. Call our experienced, licensed agents today at (800) 950-0608 to learn more about Medicare plans available in your area.
One of the most common misconceptions about Medicare is that all Medicare plan options are the same. Those new to Medicare may think that there’s only one plan and that it covers all medical expenses. In reality, there are several different Medicare plans, each of them covering different specific medical treatments and services.
The multitude of options for Medicare and the differences in coverage can make choosing a plan feel more confusing than it really is. Once you’ve read about different options, and you’re able to compare the different Medicare coverage options available in your area, choosing a plan that works for you becomes much easier.
At MedicareInsurance.com, we strive to help you better understand the different types of Medicare plans that are available to you. Today, we’re going to go over five of the best Medicare coverage options for the average American senior. To help you better find Medicare plan options that work for you, we’ll briefly discuss the pros and cons of each.
1: Original Medicare
When we talk about “Original Medicare”, we’re talking about the two Medicare plans offered by the federal government combined into one package. The two Medicare plans that are offered by the federal government are Medicare Part A and Medicare Part B. Both offer different types of coverage, but together make a potent healthcare package that can help you get most of the coverage that you need.
Medicare Part A is also known as the hospital insurance portion of Original Medicare. This means that Medicare Part A will cover stays in the hospital or in a skilled nursing facility. It’s designed to cover inpatient hospital expenses that are deemed medically necessary by a doctor, including:
Medicare Part A will also cover home health care, nursing home care, care given in a skilled nursing facility, and hospice care for patients at the end of life. In order for Part A to cover any of these expenses, including hospital stays, the facilities and agencies must accept Medicare Part A.
Medicare Part B is known as the medical insurance portion of Original Medicare. Where Part A covers hospital stays, nursing facility stays, home health, and hospice care, Part B covers services and medical supplies delivered through outpatient treatment that are necessary to treat illnesses, diseases, or other conditions. Medicare Part B will cover:
When comparing Medicare coverage options, you’ll find that Original Medicare comes with many great pros, but it also features several cons. Let’s take a look at each below.
Pros of Original Medicare
Cons of Original Medicare
Medicare Part A can be incredibly helpful if you require any of the following:
However, if you stay relatively healthy and use your insurance for little more than checkups or lab work, Part A isn’t as useful. Part B, however, will cover most anything you could need as far as medical expenses.
As the medical insurance portion of Original Medicare, Medicare Part B is designed to cover two types of services: medically necessary services and preventive services. This makes Medicare Part B one of your best Medicare plan options because it will cover:
As with all Medicare coverage options, Standalone Medicare Part B has certain good points and weak points. Let’s take a look at the pros and cons of Medicare Part B.
If you have Original Medicare, you may notice that the coverage can be kind of restrictive in some ways. While it covers most medical expenses, there are certain things that Original Medicare will not cover. Fortunately, there are other Medicare plan options that cover many of the things that Original Medicare does not.
Medicare Advantage, also known as Medicare Part C, is an option that’s offered by private insurance companies. They are authorized to offer these specialized Medicare plans by the federal government, but their coverage limits are not as restrictive. Because Medicare Advantage plan options are private plans offered by private providers, they’ll cover services, supplies, and treatments that are not covered by Medicare Part A and Part B.
For instance, most Medicare Advantage plans will cover:
When you’re comparing Medicare Advantage plan options, it’s a good idea to look at the positives and negatives of each offer before making a decision. Let’s examine some of the pros and cons of Medicare Advantage plans.
The cost of purchasing prescription medications is one of the highest-rising costs in our country today. Unfortunately, neither Original Medicare nor traditional Medicare Advantage plans cover the cost of prescription drugs. Unless you have a comprehensive all-in-one Medicare Advantage plan, you’ll end up paying costs for prescription medications out of pocket.
This begs the question: are there options for Medicare that can help cover the cost of prescription medications? Fortunately, the answer is yes. Medicare Part D Prescription Drug coverage is the only option out of the Medicare plan options that will cover prescription drug costs.
Medicare Part D can be obtained in two ways:
With a Part D Prescription Drug plan, you’ll pay less for your medications than what the open market calls for. Instead of full market price, you only pay a copay for your prescriptions. You’ll also pay less for generic medications that are already typically low-cost.
To help you best understand the Medicare plans available to you, let’s go over some of the pros and cons of Medicare Part D coverage.
If you have Original Medicare, there are Medicare coverage options that can help you fill in certain coverage gaps in the plan. Medicare Supplemental Insurance, which is also known as Medigap, is a specialized supplemental plan that works with Original Medicare.
Medigap plans are designed to help you cover things that would otherwise be paid for out-of-pocket. For instance, Medigap plans can help you pay for:
In order to obtain Medigap coverage, you must be enrolled in Original Medicare, as Medigap is not a standalone insurance plan. It also carries a separate monthly premium that you’ll pay in addition to your Medicare Part B monthly premium.
Let’s take a look at some of the pros and cons of Medigap plans.
So, you may be asking, “Which of these offers the best Medicare options for me?” This is a question only you can answer. No one knows your healthcare needs better than you do. The type of coverage you require will help you determine which of these Medicare coverage options is right for you.
All Medicare plans come with their own pros and cons, and can help you cover medical costs that you may not be able to cover on your own. The only way to know which Medicare plan options, Medicare supplement options, and Medicare Advantage plan options will meet your needs is to research and compare them.
At MedicareInsurance.com, we offer a helpful tool that can help you find all of the best Medicare options available in your area. All you need to do is enter your zip code in our free plan finder below, and you’ll see a wide variety of quality Medicare plans that may meet your needs.
If you have additional questions about Medicare plans, our friendly, experienced, licensed agents are here to help answer any questions you may have. If you’d like to speak with one of our licensed agents, give us a call at (800) 950-0608. We’re here for you when you need us!
Larry is a content writer with several years of experience in creating informative content for a variety of industries on topics that matter. He is a 2009 graduate of the University of North Carolina School of the Arts.