Important Details To Know About Medicare And Medicare Advantage Plans

If you're approaching 65 years of age, you'll need to think about signing up for Medicare when it's time. Understanding Medicare isn't easy, so you may wish to speak with a Medicare representative over the phone or attend an informational meeting about Medicare and Medicare Advantage plans in your community. Here are important details to know. 

Medicare Provides Different Types Of Coverage

Medicare A pays for costs associated with hospitalization and Medicare B pays for costs associated with doctor visits. You'll need to pay a monthly premium for Medicare B, and the cost is set by the government and changes each year. When you decide to start on Social Security, you can have the premiums deducted from your monthly Social Security payment so you don't forget to pay them. If you don't keep up with payments, your Medicare part B can be canceled.

Medicare D is a plan that covers prescription drug costs. If you have a medical condition that requires expensive prescription drugs, you'll want to understand how Medicare or a Medicare Advantage plan will pay for the drugs you need. You'll usually pay for drug coverage with a premium that's in addition to the Medicare B premium.

Medicare Advantage Plans Combine Coverage

Medicare Advantage plans usually provide all the services you receive through Medicare A, B, and D. Advantage plans are offered through major insurance companies rather than the government, but they have to abide by government regulations.

You'll have a lot of choices when you shop for a Medicare Advantage plan, so you may want to take your time and compare what each plan offers, especially if you need to see a doctor regularly or require occasional hospitalization.

Medicare Advantage plans have their own cost. The cost of the plan is in addition to the cost of Medicare part B. This is important to understand so you can find a plan to fit your budget. Some Advantage plans have zero cost, but you'll still need to pay the monthly Medicare B plan to keep your Advantage plan active.

In addition to understanding the costs associated with Medicare, it's also important to understand when you need to sign up. You can sign up the first time a few months before and after your birthday month. Call Medicare or visit their website for current, accurate information. Once you pick a plan, you can change it if you're not happy with it, but you can usually only change the plan once a year during the sign-up period.

Contact a local medical insurance service to learn more about Medicare and Medicare Advantage.