Medicare plays an important role in ensuring the health and financial security of the elderly and disabled. It covers basic healthcare services, including the cost of hospitalization, professional care, and prescriptions. As per the Medicare age eligibility chart, the plans offer coverage to seniors over 65, people with disabilities, and people with end-stage renal disease (permanent kidney failure requiring dialysis or a transplant). To choose the ideal Medicare plan, here is everything one should know:

Types of Medicare coverage
Part A and Part B (Original Medicare)
Part A covers hospital care, while Part B covers doctor visits and outpatient services. So, basic services, hospice care, home health care, and durable healthcare equipment are covered in this plan. The Original Medicare plan excludes dental, vision, and prescriptions. Part B also includes preventative treatments such as checkups, lab testing, and screening shots to help prevent, detect, and treat conditions.

Medicare Advantage plans
Medicare Advantage, also known as Medicare Part C, is health insurance provided by private companies. The plans cover prescription options, dental, vision, and hearing insurance in addition to the Original Medicare coverage. So, one can look up local Medicare Advantage plans to find the closest providers. For instance, one could check out Cigna’s new Medicare coverage as the company is revising its MA plans to include more healthcare options, personalization, and social support in 2023.

Medicare Supplement Insurance (Medigap)
These plans are also covered by private insurers. Medigap policies are insurance supplements that cover some of the costs that Original Medicare does not. There are several types of Medicare Supplement plans, ranging from those that only cover the basics to those that cover deductibles, copays, and coinsurance.

Premium
Each year, the Social Security Act determines the Medicare Part B premium, deductible, and coinsurance amounts. Monthly Medicare Part B premiums for 2023 will be reduced to $164.90, resulting in monthly savings of $5.20 for policyholders. The Medicare Part B deductible is also decreasing, from $233 in 2022 to $226 in 2023.

Compared to standard Medicare, Medicare Advantage offers a variety of benefits, such as convenient coverage, flexible plan options, and long-term savings. It is important to consider both options and then opt for suitable coverage based on one’s healthcare needs.