Understanding Your Options
Choosing the right Medicare policies can be a daunting task, but it doesn’t have to be.
Understanding the differences between Original Medicare, Medicare Advantage vs Medicare Supplement, and Medicare Prescription Drug Plans is key to making the right decision for your healthcare needs.
First: A Review of Medicare Parts A, B, C and D
Original Medicare (Parts A & B)
Standalone Prescription Drug Plans (Part D)
Original Medicare (Parts A & B)
Original Medicare is a federal program that covers hospital (Part A) and medical services (Part B). It provides essential healthcare coverage, but it doesn’t include prescription drug coverage, dental, vision, or hearing care.
- Broad acceptance among doctors and hospitals across the U.S.
- No need to select a primary care doctor or get referrals.
- You can add a separate Part D plan for prescription drug coverage.
- You must pay deductibles and coinsurance.
- No coverage for prescription drugs, dental, vision, or hearing unless you add additional plans.
- No cap on out-of-pocket costs.
Medicare Advantage (Part C)
Standalone Prescription Drug Plans (Part D)
Original Medicare (Parts A & B)
Medicare Advantage plans are offered by private insurers approved by Medicare. These plans bundle the benefits of Parts A, B, and often include Part D (Prescription Drug Coverage), with extra benefits like dental, vision, and hearing care. They can also provide lower out-of-pocket costs compared to Original Medicare. Medicare Advantage vs Medicare is an interesting discussion, because you still retain your Original Medicare benefits in if you enroll in the Medicare Advantage program. Schedule a consultation to learn more.
- All-in-one coverage (hospital, medical, and often prescription drugs).
- Additional benefits like dental, vision, and hearing.
- Limits out-of-pocket costs through an annual Maximum Out-of-Pocket (MOOP).
Standalone Prescription Drug Plans (Part D)
Standalone Prescription Drug Plans (Part D)
Standalone Prescription Drug Plans (Part D)
Part D includes standalone prescription drug plans that can be added to Original Medicare (Parts A and B). These Medicare policies provide coverage for prescription medications only, and help to reduce out-of-pocket costs for medications you need.
- Provides coverage for prescription medications not included in Original Medicare.
- Available to anyone with Part A and/or Part B.
- Helps lower prescription drug costs.
- Monthly premiums vary depending on the plan.
- The formulary (list of covered drugs) varies by plan.
Now I'm familiar, so what are my Medicare options?
Your Medicare coverage can be shaped by a variety of factors. If you don’t have other insurance (like coverage through an employer, the military, or Medicaid), you typically have three main options for how to set up your Medicare benefits.
What If I Have Other Coverage?
Your Medicare coverage can be shaped by a variety of factors. If you don’t have other insurance (like coverage through an employer, the military, or Medicaid), you typically have three main options for how to set up your Medicare benefits.
Ready to Discuss Your Options In Medicare?
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