Medicare

14
Jan
Medicare is health insurance for those who are 65 years and older. However, if you have a disability you may be able to get Medicare earlier. There are two main options for Medicare (Original Medicare and Medicare Advantage) as well as options for additional coverage.

Types of Medicare Coverage

  1. Original Medicare (Parts A & B): Provided directly by the government and includes both Medicare Parts A and B. Medicare A (hospital insurance) helps pay for inpatient bills for hospital stays, nursing facilities, or hospice. Medicare B (medical insurance) helps pay for outpatient care such as services from physicians, kidney dialysis, preventive care, etc.
    • Benefits: Original Medicare allows for the addition of other plans for additional coverage, like Part D (prescription drugs), dental care, vision, etc. It also allows for the selection of a Medicare Supplement Insurance or Medigap plan. The Medigap plan helps pay for costs such as copayments and coinsurance. In order to purchase a Medigap plan, having Part A and Part B is required.
    • Considerations: Original Medicare does not cover most prescription drugs, dental care, vision care, or hearing care. It also does not place a limit on out-of-pocket expenses, unless you have a Medicare supplement plan (Medigap).
  2. Medicare Advantage Plan (Part C): Offered by private insurance companies who have agreements with the federal government and includes Part A, Part B, and usually Part D.
    • Benefits: Added benefits may include vision, hearing and dental services. Medicare Advantage has $0 premiums and can help pay all or some of your Part B premium (depending on income), and the co-pays are usually lower.
    • Considerations: The Medicare Advantage plan usually requires selecting in-network doctors and hospitals; additional costs will be incurred for visiting an out-of-network doctor or provider. You cannot buy a supplemental Medigap policy like you can with Original Medicare. And there may be steeper out-of-pocket costs potentially if you are in a diagnostics study, are hospitalized or need to see a specialist.