Choice is great, but when it comes to something as important as your senior health insurance plan, too much choice can leave you feeling like you need a bit of reassurance that you made the right selection.
If you're on the hunt for a little Medicare help regarding which plan is right for you, you've come to the right place.
A tale of two plans
Let's get down to brass tacks regarding traditional Medicare and Medicare Advantage plans. Even if you're familiar with the former, you may not realize how differently Medicare Advantage works.
- Medicare: This is the base plan everyone who enrolls in Medicare becomes a part of right off the bat. The two main services Medicare provides seniors (as well as those under the age of 65 but who have certain diseases or disabilities) are hospital insurance and some of the costs of outpatient medical services.
- Medicare Advantage: Unlike traditional Medicare, this plan isn't run by the federal government. Instead, it's a private health insurance plan that is sold by various companies and provides Medicare benefits. This means it also comes with its own unique expenses and limitations.
Why go Advantage?
Great question! After all, if the whole point of Medicare is to make health insurance more affordable for seniors, why on Earth would you opt for a private plan that comes with added costs?
Well, it all comes down to which plan features are most important to you.
For instance, traditional Medicare does not provide coverage for prescription drugs, requiring you to pay extra for this coverage. Meanwhile, as reported by U.S. News & World Report, more than 80 percent of Medicare Advantage plans feature cover for prescription drugs.
Additionally, there's an out-of-pocket limit with Medicare Advantage. According to Medicare Rights Center, Medicare Advantage plans will pay for the full cost of your care once you reach a certain limit. However, with traditional Medicare, there's no limit to how much you may spend on health care.
If you're unsure which plan may be the best fit for you, take the time to speak with professionals who can help you understand your options.