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Understanding the Costs of Medicare Part C
Understanding the Costs of Medicare Part C
Key Takeaways:
Some Medicare Advantage plans have a $0 Part C premium and cover up to 100% of the Part B premium too!
Medicare Advantage plans include Part A and B and most offer Part D coverage. Many offer extra benefits like vision, dental and wellness.
If your providers are in-network , you can save on the cost of health services and get additional benefits compared to Original Medicare.
If you’re new to Medicare, you must enroll in Original Medicare before selecting a Medicare Advantage plan.
With so many different Medicare plans to choose from, it can be challenging to compare costs and know what you will be required to pay. We want to partner with you to find the right coverage to fit your lifestyle and budget.
What Is the Cost of Medicare Part C?
The cost of Medicare Advantage (Part C) coverage depends on your plan type and where you live. Medicare Advantage plans may have a lower out-of-pocket costs for certain services than Original Medicare (Part A and Part B). They also have an out-of-pocket maximum. Once you have reached the plan’s limit for Medicare Part A and Part B services, you’ll pay nothing for services Part A and Part B covers for the remainder of the plan year.
Most Medicare Advantage plans include Part D and dental, vision, and hearing. Unlike Original Medicare, which requires members to purchase Part D or Medicare Supplement plans separately.
Additional Cost Considerations
When it comes to Medicare, you need to consider general healthcare costs to get the full picture of your annual costs. Here are a few basic items to consider when getting started with Medicare:
Medicare Advantage plans vary and so do the costs. The type of plan you choose can affect your annual costs.
Your monthly premiums are what you pay to have active health insurance. Most Medicare Advantage plans have a monthly premium but some offer a $0 premium.
Medicaid or financial assistance from your state government
Annual deductible, copayment, coinsurance and out-of-pocket maximum amounts for all services
Is your current provider in-network with the plan you want? You can contact a GoHealth licensed insurance agent to find out.
Consider your care plan and visit frequency
Associated costs for additional needed benefits
Original Medicare vs. Medicare Advantage Costs
Original Medicare does not have an out-of-pocket maximum. Members will pay 20% of the cost of services unless they choose to add coverage like Part D or Medigap. Medicare Supplement plans (Medigap) can be added to Original Medicare to cover costs like deductibles, copays and coinsurance.
What Is Included With Medicare Part C?
Medicare Advantage (Part C) replaces Original Medicare (Part A & B), but offers the same Part A & B benefits or coverages as Original Medicare. Along with receiving Part A & B benefits, Medicare Part C often bundles your benefits with additional ones like dental, hearing, vision, and prescription drug coverage.
When you have Medicare Part C, your Part C benefits ID card replaces your Medicare ‘Red, White & Blue’ card at every visit.
What Costs Do I Pay With Medicare Part C?
Your costs with a Medicare Advantage plan can vary based on things like how often you visit your doctor, if your primary doctor is in-network or out-of-network, and your prescription drug needs. When it’s time to compare your options, consider these tips:
Part C does have a provider network. [i] You can contact a GoHealth licensed insurance agent or the plan to find out if your doctor is in-network. Receiving care out-of-network may not be covered thus increasing your cost considerably.
Deductibles and copays can add up if you anticipate frequent doctor visits or the need for specialty care. It may be helpful to compare your Medicare Advantage plan costs alongside Original Medicare and Medicare Supplement coverage.
Prescription drugs (Part D) are usually covered with a Medicare Advantage Plan. Original Medicare requires members to add Part D coverage, which has its own monthly premium. Either way, you should make sure your prescriptions are covered by any Part D plan you choose.
If you’re looking for quick plan comparisons and straightforward answers to your Medicare questions, GoHealth can help. A GoHealth licensed insurance agent can compare all the plans available to you side-by-side and find the plan that meets your needs.
Sources
Understanding Medicare Advantage Plans. Medicare.gov.
What is Medicare Part C? HHS.gov.
This website is operated by Derene Derricotte LLC., a licensed health insurance company. The website and its contents are for informational and educational purposes; helping people understand Medicare in a simple way. The purpose of this website is the solicitation of insurance. Contact will be made by a licensed insurance agent/producer or insurance company. Medicare Supplement insurance plans are not connected with or endorsed by the U.S. government or the federal Medicare program. Our mission is to help every American get better health insurance and save money.
Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options.
