In the United States, 65 years old is the first age of medicare eligibility. For most seniors, it marks the first time receiving government healthcare benefits. As with all government programs, Medicare can be difficult to understand when first approaching the program.
The knowledge you gain here will prove useful in understanding your Medicare benefits.
This article is for those interested in learning more about original Medicare and Medicare Advantage plans offered by private insurers. If this sounds like you, then keep reading. To learn more about What a medicare advantage plan can do for you click here(link to insurance comparison article).
Medicare different from pre-Medicare insurance plans
Medicare differs from the traditional insurance you may have received from your own or a spouse’s employer. By turning 65 you are entitled to healthcare benefits provided by the federal government in the form of Medicare.
This program can also be supplemented by 3rd party insurance companies (like Humana) that bundle original medicare and additional coverage in the form of Medicare Advantage.
Original Medicare and Medicare Advantage both save you money on healthcare
Medicare and Medicare Advantage plans feature lower premiums and out-of-pocket costs compared to your previous insurance plan. Medicare Advantage plans have higher monthly premiums but offer additional coverage and benefits.
All Seniors over 65 enrolled in original Medicare will receive the same benefits
While you will still be covered by Medicare part A and part B, the coverage and costs associated with different Medicare Advantage plans vary. Each plan will provide different coverage and it is important you find the plan that is right for you
All Medicare members are eligible for Medicare Advantage regardless of preexisting conditions
Federal regulation explicitly prohibits private Medicare insurers from discriminating against any
Eligible member. They are also prohibited from conditioning coverage based on insurability factors.
Original Medicare does not cover any of your prescription drug costs
With original Medicare, you are responsible for covering all prescription drug costs.
Medicare Advantage plans will offer similar coverage insurance before Medicare. A major difference between original Medicare and private Medicare insurance is the additional prescription drug coverage offered with Medicare Advantage.
Medicare Advantage plans will offer similar coverage to your insurance before Medicare. A major difference between Original Medicare and private Medicare insurance is the additional prescription drug coverage offered with Medicare advantage.
Medicare alone does not limit out-of-pocket maximums
With no limits on out-of-pocket responsibility, you may be forced to pay a large amount in the event of a serious health emergency. Medicare Advantage plans offered by private insurers, Limit the total amount that you can be responsible for in a given year.
Medicare Advantage plans better protect you from financial burden
By limiting the total out-of-pocket cost you can better balance your monthly budget. Medicare Advantage plans have cost structures more in line with traditional healthcare insurance. These cost structures are weighed more towards monthly premiums with lower out-of-pocket expenses
You can learn more about Medicare and Medicare advantage costs here(link to relevant article).
Medicare Advantage plans are Medicare plans offered by private insurers
These plans bundle coverage for emergency healthcare, prescription drug, doctor visits, testing, and more.
Medicare And Medicare advantage are both government programs
Private insurance companies receive Federal funding in exchange for expanding your existing Medicare benefits. Medicare Advantage providers are subject to stringent federal regulations to ensure proper and efficient healthcare for their members.
Medicare Advantage plans offer better coverage at a lower cost
Those only enrolled in original medicare will need to opt for additional coverage or face high out-of-pocket costs.
Medicare Advantage providers have health management organizations
When you enroll in a private Medicare plan such as Medicare Advantage, You will choose a primary care physician from within the plan’s network. Physicians and hospitals within this network have substantially less out-of-pocket costs than those out of the network.
Your care at Meadowcrest Family Physicians will be covered under Medicare or Medicare Advantage.
After many years of serving Medicare patients, We have found that our patients are getting better benefits with Medicare Advantage Plans and strongly recommend that you explore your Medicare Advantage options.
Now more than ever, seniors just like you are exercising their right to Medicare benefit alternatives. Nearly half of all current Medicare members are enrolled in a Medicare Advantage Plan.
At Meadowcrest Family Physicians, our commitment to care goes much beyond our office. If you need additional information regarding Medicare Advantage plans we have resources to help. Please make an appointment with our in-office rep to learn your options.