There are options when it comes to getting Medicare coverage. The two main ways of getting coverage are Original Medicare or Medicare Advantage. When choosing which plan is right for you, consider the cost, the coverage, and facilities/doctors in-network.
Cost
- Original Medicare: You pay a monthly Part B premium and any copayments, coinsurances, and deductibles. There’s no limit to how much you can pay out of pocket, but you can buy a Medicare Supplement Insurance (Medigap) policy to help.
- Medicare Advantage: You pay the monthly Part B premium plus the plan’s premium (if they have one). You also pay any copayments, coinsurances, and deductibles, but once you reach the plan’s yearly maximum, you’ll pay nothing for health services for the rest of the year.
Coverage
- Original Medicare: Covers services and supplies in hospitals, doctors’ offices, and other health care settings under Part A (Hospital Insurance) or Part B (Medical Insurance). You can add drug coverage by joining a Medicare drug plan.
- Medicare Advantage Plans: Must cover all services and supplies that Original Medicare covers, including drug coverage. They may also have extra benefits like dental or vision.
Doctor and HospitalÂ
- Original Medicare: You can go to any hospital and use any doctor that accepts Medicare.
- Medicare Advantage: You may need to use doctors and hospitals in that plan’s network.
Cosmo Insurance Agency is a full-service independent insurance agency based in Hackensack (Bergen County) and Lakewood (Ocean County), New Jersey that offers an all-encompassing range of insurance options for both individuals and businesses. Cosmo keeps its promise to assure an efficient and creative approach to the services we offer. Each of our clients experience a personalized and long-term relationship with us. Our New Jersey based team of health brokers guides our clients in helping them choose the most cost-effective options. By incorporating our knowledge of the insurance guidelines for healthcare, employee benefits, life insurance, self-insurance, dental, disability, and long term care insurance, we keep our clients up-to-date with affordable plans that cover all their specific insurance needs.
