4 Reasons to Choose a Private Medicare Plan

Sometimes, Original Medicare just doesn’t work for you. Maybe you have specialized coverage needs, or you need more flexibility with providers. Maybe you want dental or prescription assistance. Whatever your reasoning might be, it’s nice to know you have options. We’re going to take a closer look at four reasons you might consider private insurance instead of Original Medicare.

Please note that each person is unique and what you need or want will be different from neighbors, friends or family. Additionally, due to the variety of carriers and options to choose from, not all are going to be exactly the same in all areas and circumstances. This is meant as a guide to provide generalized information to help you make a more informed decision. If you want to know more about specifics, please either check out plans on Medicare.gov or contact a licensed insurance agent.

What are my private insurance options?

When it comes to private insurance options for Medicare-aged individuals, you have a few choices. Depending on the type of program you want, you can add supplementary coverage, additional coverage options or choose fully privatized health coverage.

Medicare Supplement

Medicare Supplement plans, which are also called Medigap plans, help fill health coverage gaps left from Original Medicare. These standardized plans are organized by letter and work alongside your Original Medicare benefits. They do not add coverage for prescriptions or dental/vision/hearing.

Medicare Advantage

Medicare Advantage, or Medicare Part C, is a medical insurance option for seniors (and younger individuals with certain health conditions) sold by private insurance companies. It replaces Original Medicare and may include coverage not normally included in Medicare, such as prescription drug coverage.

Additional coverage plans

If you are satisfied with Original Medicare coverage but would like areas like prescription drugs or dental covered, you can add plans tailored to cover those specific areas. Part D prescription drug plans are available to specifically help with drug costs, and dental, vision and hearing plans (DVH for short) can help provide coverage in areas Original Medicare doesn’t cover.

Private insurance = increased flexibility

One of the main benefits of private insurance coverage is increased plan flexibility. Private options let you focus on the coverage you need. If you know you need specific areas covered or anticipate certain medical costs, a private plan can help you better customize your coverage options and meet your needs. So, without further ado, here are our top four reasons you might want to consider private insurance.

1. Out-of-pocket maximums

Unexpected health costs are inevitable. Your healthcare needs will change. One potential downside to Original Medicare (non-private insurance) is there is no limit to the amount you can pay out of pocket. So, if your medical bills (or spending) align with the U.S. average, then you might be responsible for paying a large percentage of the $13,493 per year most spend on healthcare.

With a private insurance option like Medicare Advantage or a Medicare Supplement plan, there is a maximum on the amount of your out-of-pocket spending.

2. Access to more services

Private insurance plans grant you access to more services. With Original Medicare, many inpatient and outpatient hospital services are covered but not other things, like prescription drugs. Depending on the plan you choose, you may be able to get:

• Dental care
• Prescription drug coverage
• Eye and hearing exams
• Medical coverage while traveling outside the U.S.

3. Extra benefits

Medicare Advantage particularly is known for having additional benefits added to their plans. These can go beyond the traditional offerings of Original Medicare and are often related to helping you improve your overall health and wellbeing.

4. On-demand support options

Healthcare coverages and costs can be stressful. It would be great if there was a healthcare plan that gave you access to insurance experts and licensed agents to help you always make the right decisions, right? Private insurance plans provide you with on-demand assistance for all your Medicare questions. You can even have access to member services and licensed insurance agents to get the info you need when you need it.

Conclusion

Private insurance options are available for those seeking greater flexibility and additional coverage areas. You can choose from a wide variety of private Medicare options, from supplemental benefits to full health plans.

If you want help exploring your Medicare options, reach out and talk to one of our licensed insurance agents. We can navigate through plan types and help you determine the coverage choice that’s right for you. We’re here to serve you.

PlanEnroll is a brand operated by Integrity Marketing Group, LLC and used by its affiliated licensed insurance agencies that are certified to sell Medicare products. PlanEnroll is not endorsed by the Center for Medicare & Medicaid Services (CMS), the Department of Health and Human Services (DHHS) or any other government agency.