When it’s time to enroll in Medicare, you must decide which part is right for you. Medicare is divided into multiple parts, so understanding which part you will need to enroll in first and what you can switch to later on is crucial in determining which part will fit your needs best.
Original Medicare
The first is referred to as Original Medicare. This is what you will generally enroll in first once you become eligible. Part A covers hospital services and Part B covers medical services. In most cases, you will pay a monthly premium for Part B coverage. You will also be responsible for your deductible and will have to pay your portion (20%) for covered services as they are needed once the deductible is met.
Keep in mind that hearing, vision, dental, and prescription drug coverages are not included in Original Medicare. For prescription drug coverage, you will need to add on a Medicare Part D prescription drug plan.
Medigap Plans
With Original Medicare, you also have the option to add Medicare Supplement Insurance (Medigap) which helps to cover your copays, coinsurance, deductibles, and other out-of-pocket costs. Medicare Supplement Insurance is provided by private insurers but is regulated by the federal government. You must be enrolled in both Part A and Part B of Original Medicare to enroll in one of the ten Medigap plans.
Medicare Advantage
The second way to get your Medicare benefits is through a Medicare Advantage plan. Medicare Advantage is also known as Part C and is required to provide the same coverage as you would receive with Original Medicare. It’s important to note that you must be enrolled in Original Medicare before you can enroll in Medicare Advantage.
In most cases, Medicare Advantage plans will also include Part D prescription drug coverage. As an incentive, they will usually include some additional benefits like dental or vision coverage. These plans vary widely, so be sure to reach out to a Medicare expert, such as Coastal Insurance Planning, so we can help you carefully review the Medicare Advantage plans available to you.
Which Plan Is Right For Me?
To determine which Medicare plan is right for you, start by assessing your current insurance needs. What services do you need covered? Do you prefer to have lower monthly premiums with less coverage, or higher monthly premiums will more coverage? These are important questions to answer, but if you are still unsure which part is best for you, reach out to Coastal Insurance Planning today.
We will help you compare your options, walk you through the enrollment process, and ensure you get the coverage you need!