Traditional Medicare and Medicare Advantage plans are popular insurance programs that have advantages and disadvantages. It is important to plan ahead and find a local insurance agent or agency that will help you choose your healthcare coverage. In this article, you will learn about the difference between the original Medicare and Medicare Advantage plans, the pros and cons of both plans, and some tips to help you choose the best healthcare plan suitable to your needs.
“Choosing the right healthcare plan that fits your personal needs could change your life and healthcare ”
The Difference Between the Traditional Medicare and Medicare Advantage Plans
It is essential to learn about the differences in the coverage of traditional Medicare and Medicare Advantage plans to help clients decide and have the right to choose their own healthcare plan. Traditional Medicare is administered by the government while the Medicare Advantage plans are administered by private insurance companies.
Medicare is an insurance program by the government for elderly people aged 65 years and above, especially those aged people with health conditions. Medicare aims to assist the elderly to fund their healthcare costs and it is not 100 percent free. It covers Part A (hospital coverage) and Part B (medical coverage). It does not provide other additional benefits and drug coverage.
Medicare Advantage plans cover all Part A, Part B, and other additional health benefits like dental, vision, and hearing under one plan. It does include drug coverage.
The Pros and Cons of Medicare and a Medicare Advantage Plan
● Pros of Medicare: with traditional Medicare, most of the Part A or hospital coverage is premium-free. Also, referrals for doctors, specialists, etc. are not generally required. If you have a certain health condition like a terminal illness, for example, you can use Medicare to pay for the services you will need.
● Cons of Medicare: It can be more expensive than a Medicare Advantage plan especially if there is no supplemental policy, and the costs can also be unpredictable. Traditional Medicare does not cover dental, hearing, or vision services. Also, you will have to purchase drug coverage or Part D.
● Pros of Medicare Advantage Plan: it offers more benefits than the Medicare like coverage for dental, hearing, and vision. It offers lower monthly premiums and front-end costs. There is a limit on yearly out-of-pocket costs. With Medicare Advantage plans, the maximum costs are predictable. Also, what's good about Medicare Advantage plans is you don't need to purchase a part D or drug coverage separate from Medicare Parts A and B.
● Cons of Medicare Advantage Plan: service areas are restricted, and it could be an issue if you need to travel frequently. It offers specific coverage in certain service areas. Your plan could be unavailable if you need to relocate to a new location or service area. Medicare Advantage plan often charges additional costs or fees like special visit copays and deductibles. With its various plan options, the variety can sometimes overwhelm people when they want to decide which plan is best for them.
Tips to Help you Choose the Best Healthcare Plan for You
1. Assess your needs if you think you need coverage for dental, vision, hearing, and other extra benefits.
2. Think ahead if you are required to travel every now and then and see how your Medicare plan works with it.
3. Plan ahead and think about your budget and the estimated total costs of the coverage you will choose. If it fits paying extra expenses like Medicare, there should be a budget allotted for paying your Medicare or Medicare Advantage plan.
Conclusion
It is important to find a trusted, local insurance agent or agency that will review all the insurance policies available in the local market and help you decide what is best for your needs. Ellis Insurance Agency provides exceptional customer service and expertise in the insurance industry for over thirty 30 years. Call Ellis Insurance today for your free consultation and subscribe to our blog to receive updates.
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