Explore the differences between Original Medicare and Medicare Advantage

If you’ve looked into Medicare at all, you may have noticed this is much different from health insurance coverage you’ve had before. Previously, your plan likely included medical and prescription drug coverage. If you had health insurance through work, you may have had dental and vision coverage, too. And your employer did the product research for you and possibly gave you a couple of options to choose between.

As you start looking into Medicare benefits, you will first of all notice that you have several options to consider, requiring significant amounts of your time to understand the choices.

Original Medicare benefits, or Medicare you get from the government, only cover 80% of medical and hospital expenses. If you decide to fill some of the gaps in coverage, you may end up purchasing a supplemental plan from a private company. You might decide to buy prescription coverage from another private insurance company. And dental and vision care aren't covered at all. Additionally, Original Medicare doesn't have a maximum limit for your out-of-pocket costs. That means there's no annual cap on how much you might have to pay for your healthcare.

Fortunately you have another option. If you're looking for health insurance that's similar to what you had with your group coverage, a Medicare Advantage plan might be right for you. Medicare Advantage plans combine medical, prescription, dental and vision coverage on one plan. It also features an out-of-pocket maximum, which means there's a cap on how much you could spend for healthcare each year. Plus, all your care is run through one company. You don't need to coordinate between the government and separate supplement and Part D Prescription Drug plans.

Keep in mind, before Medicare, married couples may have been on the same health plan. But Medicare doesn't work that way. Each plan only covers one person. So, if you are married, you and your spouse have to enroll separately, and you could choose different plans, based on each individual’s healthcare situation and needs.

Possibly, for the first time in your life, you have the opportunity to take more control of your healthcare insurance options. As you can see, you have several coverage options to choose from, and a lot of information is available to help you understand the ins and outs of each. The most important point is that you get to pick the one that works best for you.