Medicare is the health insurance program offered by the federal government, primarily for people aged 56 and over. It also covers younger individuals who have been diagnosed with any disabilities or chronic conditions like kidney failure. While similar to a health insurance policy, Medicare does not cover all health expenses. Depending on the type of plan, it will cover certain costs like doctor visits, inpatient and outpatient care, and lab tests.

What are the four parts of Medicare?
There are four Medicare plans in all, each named after alphabets: Parts A, B, C, and D. Together, Parts A and B are considered Original Medicare. Parts C and D are newer options in the system. The benefits you receive under each part can vary significantly. Here is a short explanation of the different types of Medicare plans:

Medicare Part A (hospital insurance)
Part A is a basic insurance plan covering healthcare services related to inpatient hospitalization and skilled nursing care. It is available at low or no costs for seniors over 65 and other qualified individuals. It covers hospital inpatient care, hospice care, home health care, and skilled nursing. The Medicare part A premium for qualified individuals is $274 or $499 per month, depending on their work history and Medicare tax payment record. But those eligible for Social Security benefits might be exempt from paying the premium.

Medicare Part B (medical insurance)
Part B covers those health services linked to outpatient and doctor care, including necessary supplies, durable medical equipment, ambulance services, preventative care, and clinical research. It also covers mental health services and the fees for a second opinion if the doctor suggests you have to undergo major surgery. The Medicare plan B costs for 2022 are around $170.10 per month. However, it can increase depending on your income.

Medicare Part C (Medicare Advantage)
It includes the benefits of both Part A and B. The plan also offers other benefits, such as prescription treatments, dental checks, vision care, hearing treatments, and health and wellness-related programs. However, these Medicare plans are sold by private companies. The average premium for Part C is $19 per month.

Medicare Part D
Medicare part D covers the cost of prescription treatments. However, the coverage limit varies depending on the type of treatment option for different health conditions. The average premium for this plan in 2022 is around $33 per month.

Medicare plans are similar to the health insurance that your employer may provide. However, they offer more benefits at a lower rate. If you want a Medicare Advantage plan, read on to see the top companies that provide them.

Best companies with Medicare Advantage plans
Since many private companies offer Part C, it can be confusing to choose the right provider. To help you, we have listed the best and most well-established insurance companies that offer Medicare Advantage and other policies:

Aetna
Aetna is one of the leading health insurance providers across the world. They have several Medicare Advantage plans, from health maintenance organizations (HMOs) to preferred provider organizations (PPOs). Most of their plans have low to zero premiums to keep you healthy. They cover annual wellness visits, hearing care, vision check-ups, and more.

Cigna
Cigna is one of the oldest companies with expertise and experience in the insurance industry. They understand that everyone has different needs. So, they offer customizable plans based on your requirements. Cigna’s policies suit everyone, especially those in skilled nursing care or nursing homes and people with diabetes and cardiovascular diseases.

Humana
For years, Humana has provided the best Medicare plans for millions of qualified individuals. Some policies have lower out-of-pocket costs and generally come with many additional benefits to enhance your overall well-being. Their plans include fitness programs too.

UnitedHealthcare
They are the nation’s largest health insurer with nearly 50 million customers, where over six million have Medicare Advantage plans. The company offers these policies in collaboration with AARP. UnitedHealthcare has a unique plan where you can avail of primary physician care for zero dollars. You can also get a free gym membership through the brand’s Renew Active program.

Why is it important to choose the right plan?
Medicare is the most common healthcare coverage for seniors. It is a simple yet effective way to manage health-related finances after retiring. However, you must choose the right plan. Choosing the wrong one can be a significant mistake, which is hard to undo. This is because most states do not allow switching policies. So try to pick the best choice on your first attempt.

Finding the perfect plan that suits your needs can be complicated and confusing. Before signing up, do thorough research and compare the options in the market. Sound knowledge of the difference between the plans will help you narrow your choices and opt for the best one.