Accountancy Resources
Approaching health insurance options can be a very difficult process for anyone. While most know that they will qualify for Medicare after 65 there is also Medicare Advantage available, and determining which is best for you can be important. This article will explain the differences and when it is important to choose between basic Medicare vs. Medicare Advantage.
As many know Medicare is available to anyone over 65 and the government will defray many of your health care costs. Medicare itself is largely broken down into four parts:
Even under Medicare significant costs can still be borne by individuals, particularly when major health expenses are incurred. While it’s true that the government will often pay far more, the remaining costs can still be significant.
Medicare Advantage (or Part C) is a useful tool within Medicare itself whereby you can purchase private insurance to supplement the coverage of Medicare and further protect yourself from the major costs of health care over time. Private insurance plans can vary greatly but one requirement of Medicare Advantage plans is that they at least provide comparable coverage to what is available under Medicare itself, and often much more.
Key reasons to take advantage of Medicare Advantage are:
Under many circumstances, you will likely want to capitalize on a Medical Advantage plan to supplement your health care costs going forward. Many retirees have had their life savings wiped out by the extra costs associated with an expensive medical procedure and protecting yourself from this is important. Medical Advantage features do come with a costs, however, so you should carefully consider what additional features you need and what you are willing to pay for. Reviewing all of the small print yourself or with a health services professional is strongly recommended before committing to any supplemental insurance plan.
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