Medicare can be complicated. There are many moving pieces that are challenging to keep straight. So while some elements of Medicare might seem more important, it is vital to be aware of some of the smaller details that can be easily overlooked.
There are different types of Medicare, each of which has its own special function. However, some of the names used to refer to various kinds of Medicare can be used interchangeably. Therefore, it is necessary to remember each type and they are distinguishable.
Medicare Part A and Part B are also referred to as Original Medicare. In 2021, over 60 million Americans were enrolled in Original Medicare. Part A is insurance that covers hospitalization, inpatient stays, and hospice. Part B covers doctor visits, lab tests, screenings, medical equipment, telehealth services, mental health, and more. Pro Tip: Original Medicare plans do not cover dental, vision, or hearing.
Medicare Part C is also known as Medicare Advantage. Part C is not included in an Original Medicare plan. Instead, it is a private opportunity for benefits. This plan, unlike Original Medicare, can offer vision, dental, and some prescription drug coverage.
Medicare Supplement is commonly referred to as “Medigap” insurance. This private opportunity must be purchased separately to fill the “gaps'' in Original Medicare. This coverage includes prescription drug coverage.
When it comes to choosing a plan, beneficiaries have many choices. However, the biggest selection is not only which plan to choose, but from what carrier to purchase it. The prices of plans vary and change from carrier to carrier. Agents are here to help you narrow down the cheapest plan that’s best for you. Are you looking for an agent? Click here to search for an agent near you!
Medicare Advantage, or Medicare Part C, is the perfect plan for someone looking for a cheaper monthly premium and willing to pay a higher deductible. This will often be used by those who consider themselves to be “healthy”, and infrequently have medical issues or many doctor’s office visits.
This year, Medicare has projected funding of almost one trillion dollars. This number is expected to increase by another half trillion dollars by 2028. Medicare is projected to distribute 24 percent of that funding this year alone.
While these are small details, they are all critical to understanding what Medicare can offer to you and your loved ones. Remember, you don’t have to do all this alone! Here at Plan Advisors, we have countless Medicare agents who are experts in their field and would love to help find the perfect plan for you.