The most fundamental decision in the Medicare realm is whether to enroll in traditional Original Medicare that is federally run or to opt for a private Medicare Advantage plan. As a refresher from past articles, Original Medicare includes Part A (Hospitalization), Part B (Medical Insurance) and Part D (Drug Plan) and Medicap (Supplemental Insurance). Medicare Advantage is also known as Part C. It encompasses all the elements of traditional Medicare and often provides additional benefits such as dental, vision, hearing and wellness.
Approximately 42 percent of all current Medicare beneficiaries have elected Medicare Advantage programs and enrollment is growing. However, there are important differences between these plans and traditional Medicare. Your choice will impact your premium and out-of-pocket costs, your level and quality of services as well as your selection of providers, so it is critical to carefully assess your healthcare needs to find the coverage that’s the right fit.
Click here for a side-by-side summary of the differences between the plans. Another invaluable resource is medicare.gov but the options and explanations can truly be overwhelming. If you are struggling to make sense of your options, please do not hesitate to contact Mark or Curtis to help you determine the Medicare coverage that makes the most sense for you.