The Cheapest Medicare Option
Enrollees Could Save Almost 20% over Original Medicare and 45% Over Medigap
Each day approximately 10,000 Americans turn 65,1 the age at which they are eligible for Medicare insurance.2 These 65 year-olds face a confusing array of Medicare decisions. Assuming they have no insurance coverage from an employer or union, they face 3 main Medicare insurance coverage options:3
- Enroll in Medicare Part A and Part B and add an additional prescription drug plan
- Enroll in Medicare Part A and Part B, add a Medigap (i.e. Medicare Supplement) insurance plan for out-of-pocket cost coverage and an additional prescription drug plan
- Enroll in a Medicare Advantage plan that includes Medicare Part A and B benefits as well as prescription drug coverageWhich option produces the lowest costs when considering both premiums and out-of-pocket costs? Using government data, HealthPocket assembled a representative profile of healthcare and prescription drug use for a Medicare- aged individual.
- 4 specialist visits
- 2 primary care visits
- 3 prescription drugs* (cholesterol reduction, beta blocker, and diuretic for high blood pressure)*HealthPocket selected a best selling drug within each of the drug categories most commonly used by the elderly.4Using the above healthcare profile, HealthPocket estimated the total annual premium and out-of-pocket costs for the three Medicare coverage options.
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