Boomers are becoming Medicare-eligible at record numbers (about 10,000 a day). With so many people turning 65, there are a lot of questions about the type of coverage boomers need. We’ve found 3 things to consider when choosing your health coverage.

1) Get both Medicare Part A and Part B

Part A covers hospital care, and Part B covers general medicine. This combination is the bare minimum of what those Medicare eligible should have. To learn more about what Medicare covers and doesn’t cover read the article: 4 Things to Know About Medicare.

2) Medicare Advantage Offers Limited Network With Extras

Medicare Advantage, AKA Medicare Part C, replaces Medicare’s nationwide coverage for a limited HMO/PPO-type network of doctors and hospitals. Usually the trade off comes with extras, many Medicare Advantage offer Rx, dental, and vision.

These plans usually have $0 to low monthly premiums, but the copays can really add up over the course of a year. Also, because these plans are not standardized each provider can cover different medical needs at varying costs and still leave gaps in coverage. Make sure to research all plans in your area before committing to one. But the good news is if you don’t like your Medicare Advantage plan you can change it once a year.

3) Medigap Fills in Medicare’s Gaps

Medigap fills in Original Medicare’s gaps in coverage, while maintaining Medicare’s nationwide network. Medigap is generally more expensive than Medicare Advantage, because many of its plan offer first dollar coverage with no copays or out of pocket costs after your monthly premium.

It is important to note that once you enroll in a Medigap plan you usually cannot exchange it for a plan with more coverage later on. The rule of thumb with Medigap plans is to choose the most comprehensive plan you can afford when you are first eligible. Here is a list of what Medigap covers:

Basic coverage benefits are:

  • Coinsurance for Hospitalization
  • Coinsurance for Hospice Care
  • Coinsurance for Medicare Part B
  • Up to first 3 pints of blood for a transfusion

Comprehensive coverage:

  • All that is covered by basic plan
  • Coinsurance for Skilled Nursing
  • Part A & B deductible
  • Part B excess charges
  • Health coverage on foreign travel

In Conclusion
You need Medicare Part A and B, and then you need to decide if a Medicare Advantage or Medigap plan is right for you. If you choose Medigap you’ll also want to consider Medicare Part D, prescription drug coverage, as Medigap plans don’t offer them. For further questions call the number above or contact Senior65.com.