As you inch closer to 65, when you'll meet the age requirement for Medicare, you may be in a bit of a dilemma on which health plans to choose.
While Original Medicare is the more obvious choice and seems safe, you'll miss out on the benefits and options that come with Medicare Advantage plans if you go for it.
Give you all the benefits of Original Medicare
Original Medicare offers two coverages - Part A and Part B. Part A covers in-patient hospital stays, hospice care, and skilled nursing care.
Part B provides coverage for medical expenses and items, such as doctor's visits, chemotherapy, preventive services, wheelchair and other Durable Medical Equipment, etc.
Interestingly, you can still enjoy all of these coverages with Medicare Advantage plans as they are required to provide all the benefits of Part A and B.
Provide hearing, vision, and dental coverages
In addition to offering the benefits of Part A and Part B, Medicare Advantage plans provide more coverages that Original Medicare doesn't cover.
You can enjoy services such as hearing, vision, and dental care with Medicare Advantage, which are unavailable if you opt for Original Medicare. MA plans can also be tailored to provide benefits that treat specific health conditions.
Coverage outside the United States
If you plan on traveling outside the United States, Medicare Advantage is a slam-dunk choice.
With Original Medicare, you can only access healthcare within the US. If you choose Original Medicare and have an emergency overseas, you'll have to pay out of your own pocket.
On the other hand, some Medicare Advantage plans provide emergency coverage outside the United States, enabling you to access healthcare no matter where you are.
Promote wellness and preventative health care
Some MA plans also enable you to get fitness programs, transportation to the doctor's office, prescription drugs, meal delivery and other services that promote wellness and preventative health care, which you won't get with Original Medicare.
It's no wonder Medicare Advantage plans are often referred to as the "bundled" plans as they offer more benefits.
Help save money
Thanks to the 20% beneficiaries are responsible for (Medicare reimburses 80%), there's no limit to the out-of-pocket costs you'll pay with Original Medicare.
That’s another way of saying the more healthcare you need, the more you'll pay. Many Medicare beneficiaries have had to pay more than 20% of their income on out-of-pocket expenses.
On the other hand, Medicare Advantage has a maximum out-of-pocket spending limit that all plans must adhere to. Once you reach this limit, which is set at $7,550 in 2022, your plan helps pay the rest.
In addition, many Medicare Advantage plans have no deductibles with premiums that cost $0 every month.
If you need help finding and applying for the Medicare Advantage plan that meets your finances and health needs, call us at 610-868-5801, and we'll be happy to help.