Medicare Plans - Compare Your Coverage Choices

When deciding to compare Medicare plans, you must first decide which plan you want

. This means deciding whether you want original Medicare or if you would like a Medicare advantage plan. Original Medicare includes part A, which is hospital insurance, and part B, which is medical insurance.

These plans are provided by Medicare, and will give you your choice of hospitals and doctors, as well as other providers. With plan B, you will typically have to pay for a monthly premium. After choosing one of these plans, you may decide if you want part D Medicare, which is prescription drug coverage.

If you do not want original Medicare, your other option while you compare Medicare plans is to choose a Medicare advantage plan. These may include a PPO or an HMO plan. Part C of Medicare includes both part A and part B, meaning you will have medical insurance and hospital insurance. You will have access to private insurance companies that are Medicare approved if you choose this coverage. The costs, rules and extra coverage vary depending on your plan.

You will usually pay a monthly premium in addition to the premium you pay for part B, as well as coinsurance and copayment.

When you compare each of these plans, you may choose drug coverage for either plan. For original Medicare, you are required to choose a prescription drug plan, which are run by Medicare approved private companies. For Medicare advantage plans, you may receive prescription drug coverage if it is offered by your plan. If it is not offered by your plan, you may choose to join a prescription drug plan offered by Medicare.

For advantage plans, you do not need a Medigap policy. If you already have one, you cannot use it to pay for out of pocket expenses that you have under your advantage plan.

For supplemental coverage with an original Medicare plan, you may choose Medigap to fill in gaps of your insurance. These policies are offered by a private company. The costs of the policies vary by company and policy. Your union or employer may offer coverage similar to this. You may receive other coverage such as Veterans' benefits, military benefits or union benefits. You may also join other types of health plans offered by Medicare. If you have limited resources and income, you may have other choices or be able to save money due to your circumstances.

by: Dave Miller

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