With so many Medicare options available, older adults may wonder
which one is right for them.

Medicare is available when a person turns 65 and in some other specific circumstances. However, older adults have different health concerns and conditions, so finding the right plan is an individual choice.

A key benefit of traditional Medicare — which includes Part A and Part B — is that a person can choose any doctor who accepts Medicare. In contrast, a primary benefit of Medicare Advantage is the lower cost.

This article takes a look at what each part of Medicare covers. It also examines the pros and cons of each plan, as well as some factors that older adults may wish to consider before making a choice.

We may use a few terms in this piece that can be helpful to understand when selecting the best insurance plan:

  • Deductible: This is an annual amount that a person must spend out of pocket within a certain time period before an insurer starts to fund their treatments.
  • Coinsurance: This is a percentage of a treatment cost that a person will need to self-fund. For Medicare Part B, this comes to 20%.
  • Copayment: This is a fixed dollar amount that an insured person pays when receiving certain treatments. For Medicare, this usually applies to prescription drugs.

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