When deciding on what Medicare coverage one wishes to have, there are two plans to choose from. Medicare Part A and Medicare Part B or Medicare Part C, which is called a Medicare Advantage Plan, are available to a senior citizen. Some people will also want the Medicare Part D plan which will cover your drug prescriptions. Below will be a description of each plan to help you make a decision.
Medicare Part A is set up to cover your hospital costs and Medicare Part B will cover your physicians and medical services that you may need. When having these Medicare plans, you may choose the hospitals, doctors and specialists you wish to use.
As of 2018, the cost for your premiums would be $134 monthly or higher depending on your salary. Some people may not pay as much if they have social security benefits. Most of the time a senior will have to pay a deductible and coinsurance for using Medicare Part A and Medicare Part B. This is when a Medicare Supplement Plan, also known as Medigap plans and will be beneficial to cover the remaining costs that Medicare does not cover.
Medicare Advantage Plan
Medicare Advantage Plan C contains both Medicare Part A and Medicare Part B within it. This plan is sold by private insurance agencies that Medicare favors. There will be monthly premiums for your Medicare Advantage Plan. You may have to pay copayments for various medical services with this plan. Some Medicare Advantage Plans will also cover, vision, dental and hearing. Each plan will be different for their costs, additional coverage and the rules for each plan will be different. When there are medical costs not covered, those costs may be lower with a Medicare Advantage Plan. This may be an incentive to having one of these plans.
Prescription Drug Coverage
If you have chosen Medicare Part A and Medicare Part B, you may want to acquire a drug prescription plan, also known as Medicare Part D. These plans are also sold by private insurance agencies regulated by Medicare.
If you have chosen a Medicare Advantage Plan then your prescription drugs will be offered in your plan.
If you decide upon Medicare Part A and Medicare Part B you might also consider acquiring a Medicare Supplement Plan to cover the medical expenses that Medicare does not cover.
It is wise to look carefully at all the Medicare plan available to see what will meet you particular medical needs.