Five Reasons to Feel Good about Medicare Insurance

Medicare Insurance has a mixed reputation. People complain about the prices for prescriptions, the "donut hole" concept, and lack of coverage for long-term care.

Interestingly, U.S. citizens are overwhelmingly satisfied with their Medicare Insurance Plan. A recent survey of people enrolled in Medicare revealed that nearly 90% of them are happy with their care and satisfied with coverage choices. As opposed to people still on employer plans who, when polled, revealed only an 80% satisfaction rate. So as eligibility for Medicare Insurance approaches, it's good to have an open frame of mind. Each person’s experience is different, based on the chosen plan and who you choose to work with.

Here's just five good reasons to like Medicare Insurance.

1. Lower premiums than many private health plans

Part A of Medicare typically comes at no additional premium, assuming you or a spouse have worked enough years or quarters. Almost everyone qualifies for it. For Original Medicare, Part B includes a monthly premium. During 2019, Medicare premiums averaged $135.50. On average, the health care premiums during the same time for a healthy twenty-five-year old were $403.

Medicare premiums also tend to rise at a slower rate than private health plans due to inflation. To calculate premiums, private insurance providers have a myriad of complex factors influencing how they set prices, which tends to drive their costs up at a faster rate than Medicare. Since 2013, private insurance premiums increased by more than a hundred percent. Part D of Medicare, however, only increased by 25%, or $30 per month at the most.