Understanding Medicare Options

“Original Medicare” refers to Medicare Part A (hospital coverage) and Part B (medical coverage), both managed by the Federal Government. On the other hand, “Medicare Advantage Plans” are a different way to obtain your Part A and Part B coverage because these plans are managed by private insurance companies approved by Medicare. Advantage Plans often offer additional benefits beyond Original Medicare.

Comparing Benefits and Costs

There can be substantial differences in benefits and costs between Original Medicare and a Medicare Advantage Plan. Therefore, it is wise to research and compare how the two differ. For example, Original Medicare does not include Part D prescription drug coverage. To have Part D coverage, you will either need to enroll in a Medicare Advantage Plan that includes Part D or have Original Medicare with a standalone Part D prescription drug plan.

Making the Right Choice

There are pros and cons to Original Medicare and Medicare Advantage Plans. It is beneficial to work with a licensed professional to understand your choices and their differences. The decision is not one size fits all; it really depends on your needs. When deciding whether to enroll in Original Medicare or Medicare Advantage, consider the details of each as they apply to your situation, budget, and specific health needs.

Additional Options and Considerations

Having Original Medicare with a Prescription Drug Part D Plan and a Medicare Supplement Plan (“Medi-Gap”) is another option. There are different Medicare Supplement plans, but these plans are often misunderstood and purchased unnecessarily. Also, Original Medicare and Advantage Plans have limited dental care, so consider buying a standalone dental insurance plan. Studies have shown that oral health is critical to your general health, and major dental work can be very expensive. Dental insurance is inexpensive; I pay $10.40 monthly for mine.

Seeking Professional Help

It can get confusing, but I can help you with your Medicare choices: Original Medicare, Medicare Advantage Plans, Medicare Supplement Plans (“Medi-Gap Plans”), Prescription D Drug Plans, and Dental Plans. I have been in Financial Services for 42 years, and as an Independent, I can shop and compare all the plans for you. I will find the plan that best suits your needs and budget.

Importance of Choosing the Right Plan

Choosing your Medicare plan is a big decision with significant consequences and costs. Your health insurance, out-of-pocket medical expenses, and well-being are at stake. As you become eligible for Medicare and retirement, I can help you make sense of it all: your questions about your DROP, Social Security, Medicare, and retirement planning.

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