Knowing your Options

As a new enrollee in the Medicare system, it is important to consider your Medicare options for healthcare. Although there are many Americans who all fall under the coverage of Medicare, Medicare coverage can differ greatly from person to person. This is due to the fact that there are multiple options for Medicare coverage and Medicare benefits all under the umbrella of Medicare. It is very important to compare Medicare plans to make sure you are saving money where you can while getting the Medicare coverage you need.

 

The Four main types of plans

1. Medicare Part A - The first option you have when you first enroll in Medicare is to stick with your Original Medicare Part A coverage. Medicare Part A is hospital insurance and, as the name would suggest, it covers expenses incurred from hospital visits. Many people choose the Medicare Part A option when they are still working and receiving healthcare benefits from their employer. Medicare Part A does not have a monthly premium associated with it, so the Medicare Part A option is very inexpensive. There is, however, a downside. Medicare Part A coverage will leave you paying for the full cost of any medical treatment outside of a normal hospital visit. That means you will pay in full for all your doctor visits, prescription drugs, and any other medical necessities outside of a hospital. This is why many people opt for a Medicare part B plan.

2. Medicare Part B - Medicare Part B is your medical coverage. Things like doctor visits, medical tests, and preventive treatments fall under Medicare Part B coverage. Medicare Part B does require a small monthly premium, but that is deducted from your social security payment automatically to make things less complicated. If you are looking to get help paying for visits to the hospital or your doctor, Original Medicare, Medicare Part A and Medicare Part B, is a great option. But what if you need more benefits for your health care?

3. Medicare Part C & Medicare Part D - Medicare Part C and Medicare Part D help pay for things beyond original Medicare. Medicare Part D is prescription drug coverage. Medicare Part D can exist on its own as a private plan separate from original Medicare, or as part of a Medicare Part C Advantage Plan. Medicare Part C plans group original Medicare with other Medicare benefits, such as vision or dental treatment, into a single private plan.

 

Are there copays for each plan?

All four Medicare Parts, Medicare Part A, Medicare Part B, Medicare Part C, and Medicare Part D, require a 20% co-pay on treatment, but even when accounting for the monthly premium, you will still pay less than the full cost of your Medicare benefits. If you want to avoid co-pays altogether, there is still one option left to compare, a Medicare Supplement Plan.

 

What is a Medicare Supplement Plan?

Medicare Supplement Plans eliminate co-pays in favor of a monthly premium. If the cost of your medical treatment is exceptionally high, a Medicare Supplement Plan could be very beneficial to you. Medicare Supplement plans do not add benefits to your Medicare coverage, but for many people Medicare Supplement Plans provide the necessary coverage to make medical treatment affordable.

 

Regardless of what Medicare plan you end up choosing, the important thing is to compare your Medicare plan options. By comparing your Medicare Plan options you can be assured you will get the best coverage and save the most money.