9 August 2022
 Categories: Insurance, Blog

For many people, choosing the Medicare insurance coverage that is right for their needs can be a complicated and often frustrating task. This is because they simply do not understand the difference between the many types of Medicare coverage and are, therefore, unable to select the coverage that best suits their specific needs. Thankfully, you can avoid finding yourself in this same situation by taking just a moment to explore the three main types of Medicare insurance coverage options listed below. 

Traditional Medicare Insurance

Traditional Medicare, or Original Medicare as it is sometimes called, is broken down into Part A and Part B coverage. Part A coverage offers benefits for care received while admitted to the hospital. Part B coverage, on the other hand, offers coverage for outpatient medical services. There is no prescription drug coverage included in Traditional Medicare plans. Furthermore, you will be required to pay a deductible for all services under this type of plan before Medicare will cover the remaining expenses. 

Medicare Advantage Plans

Medicare Advantage plans are often referred to as Medicare Part C plans. This type of Medicare insurance plan is designed to offer an all-in-one solution to your health insurance needs. In addition to providing the same coverage provided by traditional Medicare, an advantage plan will typically offer prescription drug coverage. Medicare advantage plans also tend to offer lower co-pays or eliminate the need to pay co-pays altogether. Many individuals find this type of payment structure much easier since there is no way to otherwise predict how much they will end up spending on co-pays each year. 

Medicare Supplement Plans 

Medicare Supplement Insurance plans work in conjunction with traditional Medicare rather than being standalone policies like Medicare advantage plans. When purchasing a supplemental insurance plan, you will continue to use your Traditional Medicare to cover any costs that are covered under this policy. You will then use your Medicare supplement insurance to cover any costs that are not covered by your traditional policy. This typically includes things such as prescriptions and Part B co-payments. Medicare Supplement plans may also provide coverage for things such as eye care and dental care. 

A Final Thought

For many people, Traditional Medicare simply will not be enough to cover all of their healthcare needs. Consequently, a Medicare Advantage or Supplement plan will often be necessary. If you are not sure which of these options is best for you, further discussing each option with your insurance provider can help you to make this decision. To learn more about Medicare insurance, reach out to a local service.