While most seniors will get the basic Medicare coverage plan when they are eligible, some people need more coverage than what that offers them. These seniors should compare Medicare vs Medicare Advantage for 2021 and see which one will suit them better.
Medicare vs Medicare Advantage Costs
The first difference you might want to consider when comparing these two types of medical coverage plans is their cost. The costs do change periodically, so be sure to come back to our site and find out what the going rates are before you try to sign up. You want to be sure you have all the most accurate and up-to-date information before you make your decision. We also want you to be confident about what kind of plan you are getting and how it will cover you.
Medicare will have different costs depending on how long you paid Medicare taxes and whether you signed up for the plan on your own or whether you were automatically enrolled. The cost of Medicare can range from just a few hundred dollars to thousands of dollars a year, depending on how many of the various costs you are responsible for. The Medicare Part A deductible, for instance, is $1,364, but you could have it covered if you signed up for a Medicare Supplement. There are also the premiums to consider, which will cost you less if you have worked five or ten years and paid Medicare taxes in that time.
Medicare Advantage will cost you on average $140 for month. There are some Advantage plans that cost you nothing each month and have a $0 premium, but those tend to have higher priced deductibles. You will be required to cover the deductible before you can receive any coverage from the base plan for any medical expenses, so keep that in mind. The deductibles and premiums both vary based on which plan you are getting and which provider you buy it from. The prices vary based on where you live as well, so keep that in mind. You may have to pay a new rate if you move to a different location.
Original Medicare gives you coverage for the majority of inpatient and outpatient expenses. You will be covered for all of Medicare Part A and Medicare Part B, except for the deductibles, copayments and coinsurance costs, which can all be covered by various Medicare Supplements.
Medicare Advantage is quite different and actually requires Original Medicare as a prerequisite. Advantage plans will always cover you for emergency medical care, urgently needed healthcare services and most of Medicare Part A and Part B. What they don’t cover of Original Medicare will be covered by Original Medicare instead. The Advantage plan can also cover many vision, hearing, dental, general wellness and prescription drug costs for you, making it a powerful plan that offers nearly comprehensive coverage of the most common and necessary healthcare expenses.
The coverage you see when you pit Medicare vs Medicare Advantage for 2021 is where the two plans differ the most. Original Medicare acts kind of like a base plan for the Advantage plan to build on.
There is only one kind of Original Medicare plan, but there are many types of Medicare Advantage plans. That means how well one or the other will cover you depends on which version of the plan you get. Keep that in mind, as the higher coverage plans cost more, so don’t be fooled into thinking that you get the full potential coverage of a Medicare Advantage plan for the same price as a base coverage plan with none of the extras.
With Medicare Advantage, though, you also get the benefit of member perks. These are often free of charge and are simply bonus benefits provided by the insurance agency that sold you the plan and that you get for just being a member with them.
Original Medicare vs Medicare Advantage
With both of these kinds of plans, you get your coverage from different places- Medicare and private insurance providers. You also get coverage from your plan at different locations.
Original Medicare will cover you fully at any Medicare approved facility. That would be numerous clinics, hospitals, doctor’s offices and other healthcare locations. Any of them that accept Medicare will be able to honor your Original Medicare plan.
The requirements for coverage are different with Medicare Advantage. With that kind of plan, you only get coverage if the medical facility is part of your insurer’s network. This means that the healthcare provider has agreed to honor your insurance company’s plans. That network can vary widely from one insurer to the next, so one of the most important decision you can make regarding a Medicare Advantage plan is that you you choose an insurer who can provide you with coverage where you are at. Not all carriers will be able to cover you in your location, because not all of them have networks that extend to where you live.
You may not be sure which kind of medical insurance plan to get, and we would recommend that you start with Original Medicare and then see if you need anything extra once you are getting coverage from that plan. If you think you might need more than what the plan offers you, then you should look closely at your options and your needs and see how the various plans meet those needs for you. We suggest talking to one of our expert team members who can answer your questions. We don’t sell any medical insurance plans, but we can advise people on which ones to get and tell them what their available options are.
The Medicare vs Medicare Advantage 2021 debate will be one that a lot of seniors will be having over the next few months, as we get into the enrollment period for Advantage plans. Be sure you take time to look at these choices and compare them to one another, and feel free to use our site for your comparison. You can use it as often as you like. We make these resources free to the public, so you are under no obligation to sign up for anything or pay any fee just because you used our site to compare prices or contacted us for advice.