2024 Medicare Coverage Choices
-
Medicare Open Enrollment starts October
15 and ends December 7. Review and compare your health and prescription drug coverage options.
There are two main
ways to get your Medicare coverage— Original Medicare or a
Medicare Advantage Plan (Part C). Use these steps to help you decide which way to get your coverage:
Step 1: Decide
if you want Original Medicare or a Medicare Advantage Plan
You can choose Original Medicare.
Here
are some things you should know:
What is Original Medicare?
Part A (Hospital
Insurance) and Part B (Medical Insurance).
Who provides coverage?
Medicare provides this coverage.
How do you choose your providers?
You
have your choice of doctors, hospitals, and other providers that accept Medicare.
Who pays the premiums?
You
usually pay a monthly premium for Part B.
Who pays deductibles and coinsurance?
Generally, you or your supplement coverage pay deductibles and coinsurance.
You can choose a Medicare Advantage Plan (like an HMO or PPO).
Here
are some things you should consider about Medicare Advantage Plans:
What is it?
Part C – includes both Part A (Hospital Insurance) and Part B (Medical Insurance).
Who provides coverage?
Private insurance companies approved by Medicare provide this coverage.
How do you choose your providers?
In
most plans, you need to use plan doctors, hospitals, and other providers or you pay more or all of the costs.
Who pays the premiums?
You
usually pay a monthly premium (in addition to your Part B premium).
Who pays deductibles and coinsurance?
You
may pay a copayment or coinsurance for covered services. Costs, extra coverage, and rules vary by plan.
Step 2: Decide
if you want prescription drug coverage (Part D)
You choose Original Medicare.
If
you want this coverage, you must choose and join a Medicare Prescription Drug Plan. You usually pay a monthly premium.
These
plans are run by private companies approved by Medicare.
You choose a Medicare Advantage Plan.
If
you want prescription drug coverage, and it's offered by your plan, in most cases you must get it through your plan.
In
some types of plans that don't offer drug coverage, you can join a Medicare Prescription Drug Plan.
Step 3: Decide
if you want supplemental coverage (Original Medicare only)
You may want to get
coverage that fills gaps in Original Medicare coverage. You can choose to buy a Medicare Supplement Insurance (Medigap) policy from a private company.
- Costs vary by policy and company.
- Employers/unions may offer similar coverage.
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