It’s no secret that healthcare costs in the United States are high. And if you’re one of the nearly 60 million Americans who are covered by Medicare, you may be feeling the pinch more than most. With so many Compare Medicare plans available, it can be hard to know which one is right for you. In this blog post, we’ll compare the benefits and costs of three popular Medicare plans: Original Medicare (Parts A and B), Medicare Advantage (Part C), and Medicare Supplement (Medigap) insurance.
Original Medicare (Parts A and B)
Original Medicare is the government-run health insurance program that most Americans are familiar with. If you’re 65 or older, or have a qualifying disability, you’re eligible for coverage.
Original Medicare consists of two parts: Part A covers hospitalization costs like stays in the ICU or skilled nursing facility, while Part B covers outpatient care like doctor’s visits, lab tests, and preventive services. You can also add on a Part D prescription drug plan for an additional premium.
One of the main advantages of Original Medicare is that it has widespread acceptance; almost all doctors and hospitals accept it. However, it also has some drawbacks. First of all, it doesn’t cover everything; there are some gaps in coverage that you’ll need to pay for out-of-pocket. Additionally, Original Medicare doesn’t offer any protection against rising costs; your premiums and deductibles can go up every year.
Medicare Advantage (Part C)
Medicare Advantage is an alternative to Original Medicare that’s offered by private insurance companies. Like Original Medicare, it includes Part A and Part B coverage. But unlike Original Medicare, it also comes with extras like dental, vision, and prescription drug coverage—and in some cases, even routine hearing exams and gym memberships!
One of the biggest advantages of Medicare Advantage is that it can help you save money on your healthcare costs. Many plans have $0 premiums, and some even offer $0 deductibles. Additionally, because Advantage plans are required to cap out-of-pocket expenses at $6,700 (compared to Original Medicare’s $13,200 limit), you’ll have peace of mind knowing that your healthcare costs are capped regardless of how much medical care you need in a given year.
However, there are some disadvantages to consider before enrolling in a Medicare Advantage plan. First of all, these plans often have narrow networks of doctors and hospitals that you can see—so if you have a favorite doctor who doesn’t take your particular plan, you may need to find a new one. Additionally, not all plans include prescription drug coverage; if yours doesn’t and you need prescription drug coverage, you’ll need to enroll in a separate Part D plan at an additional cost.
Medicare Supplement Insurance (Medigap)
If you prefer Original Medicare but want some financial protection against rising costs and gaps in coverage, then Medigap insurance might be right for you. Medigap is a type of supplemental insurance that helps cover some of the out-of-pocket costs not covered by Original Medicare—like deductibles, copayments, and coinsurance. There are 10 different Medigap plans available; each one covers a different set of expenses—so you can choose the plan that best meets your needs.
One advantage of Medigap is that it offers more flexibility than other types of supplemental insurance; because there are 10 different plans to choose from, you can tailor your coverage to fit your budget and your needs. Additionally, Medigap plans are portable; if you move to another state or switch to a different type of Medicare plan (like Advantage), your Medigap policy will still follow you as long as you continue paying premiums. However, one disadvantage of Medigap is that it only works with Original Medicare—so if you switch to a different type of plan (like Advantage), you won’t be able to keep your Medigap policy.
Conclusion: There are many different types of Medicare plans available—and each one has its own set of benefits and drawbacks. The best way to figure out which plan is right for you is to sit down with a healthcare advisor who can help assess your individual needs and budget constraints. But hopefully this blog post has given you a good starting point for understanding the differences between Original Medicare vs Advantage vs Medigap!
