Medicare offers seniors better coverage at more affordable prices. Your Medicare coverage changes depending on what plan you purchase. Medicare comes in Parts A through N. They all operate differently and have different premiums. Here, we’ll go over some of the premium costs and explain how your Medicare coverage works.
Also Read: How Your Income Affects Your Medicare
Medicare Part A&B
Medicare Part A&B Premium 2021: $153.30
Medicare Part A&B Deductible 2021: $198
Advantages: More lower out-of-pocket costs and bigger network-of-care.
Disadvantages: Drug and additional coverage not included.
Medicare Parts A and B can be thought of as basic health coverage. These plans cover all your Essential Health Benefits, which means that you get coverage for the following included in these plans:
- Emergency and ambulance services
- Hospitalization including inpatient and outpatient care
- Lab services and diagnostic screenings
- Preventative and wellness care
- Mental health and substance abuse services
Original Medicare has more affordable premiums than most other health insurance plans. You can purchase additional drug coverage through Medicare Part D, or get supplemental coverage.
Medicare Part A covers all your hospitalization and emergency services. Medicare Part B covers your regular health services such as doctors visits. You can visit any Medicare-approved doctor or facility.
With original Medicare, you only pay 20% of any covered services. If you’re on Social Security, your monthly premium is automatically deducted from your benefits. These plan are best for those without a chronic condition, or for those who want to keep their out-of-pocket expenses low.
Also Read: FAQ: What Does Medicare Part B Cover?
Medicare Advantage or Part C
Medicare Part C Premium 2021: $30-$300 plus your Part B premium
Medicare Part C Deductible: $1,452
Advantages: “All in one” coverage with additional customized coverage for hearing, dental, and vision.
Disadvantages: Higher out-of-pocket costs and limited network-of-care.
Medicare Advantage also known as Medicare Part C has “all in one” coverage. Rather than receiving coverage from the federal government, private, Medicare-approved companies offer Medicare Advantage plans. They still need to follow the same rules and coverage as original Medicare, but they can charge different premiums.
In addition to all your normal coverage, these plans often offer coverage for things original Medicare does not. You can find plans with coverage for hearing aids, dental, and vision services. They also fold in Part D, or drug coverage, but be sure to check that all your prescriptions are covered.
Medicare Advantage plans are normally Health Maintenance Organizations (HMO) or Preferred Provider Organizations (PPO). This means you may have a smaller network-of-care you’ll need to work within.
These plans will offer more coverage, therefore making them more suitable for those with more than one chronic condition.
Also Read: FAQ: What You Need To Know About Medicare Advantage Plans
What Else Do You Need To Know About Medicare?
It can be challenging narrowing down which Medicare plan is best for you. If you need help finding quotes or getting coverage, you can always call Quote Purple to speak with one of our trusted partners.
There are lots of changes happening in 2020. To keep up with all the latest information on health insurance, follow Quote Purple on Facebook, and read up on all the changes you need to know for 2021.
Also Read: Open Enrollment 2021: Changes You Need To Know About.