Medicare Advantage vs Medicare Supplement Plans: What You Need to Know

Medicare Advantage vs. Medicare Supplement       senior couple medicare supplement

If you are a senior over age 65 or you live with permanent disabilities, obtaining health coverage through Medicare will allow you to have access to the services and medications you need. However, figuring out which type of policies suit your needs may not always be straightforward. Still, since 90% of Medicare participants have some sort of supplemental health insurance policy — which can include Medicare Advantage, Medicare Supplement (Medigap), or Medicaid — it’s important to know what each kind of plan offers.

While some folks decide Medicare Advantage will work well for them, others feel that adding Medicare Part D to their coverage is a better option. Since the differences between these plans can be confusing for many people, we’ve broken down a few of the differences. Below, you’ll find our Medicare Advantage and Medicare Supplement insurance overview.

What is Medicare Advantage?

Medicare Advantage (also known as Medicare Part C) is essentially an alternative to Original Medicare (Medicare Parts A and B). This plan carries the majority of benefits provided by Original Medicare; the one exception is hospice care, which is covered only by Medicare Part A. However, Medicare Advantage may provide some additional benefits not covered by Original Medicare, including vision, dental, and prescription drug coverage.

What is Medicare Supplement insurance?

In contrast to Medicare Advantage, Medicare Supplement insurance policies are added on to your existing coverage through Part A and Part B. There are several different types of supplemental policies available. One of the most common is Medicare Part D insurance, which offers prescription drug coverage. These plans are designed to bridge the gaps in your Medicare Coverage.

What are some of benefits and drawbacks of Medicare Advantage?

With Medicare Advantage, you’ll probably find you have more restrictions on your care. For instance, you may be required to go to doctors or hospitals that are specifically within your plan’s network. However, your monthly premiums will generally be a lot lower (or may even be non-existent). Keep in mind, though, that you’ll have to deal with co-pays and deductibles when you use medical services. Prescription drug coverage is included with these plans.

What are some pros and cons with Medicare Supplement plans?

One of the best parts about Medicare supplement policies is that you have the freedom to choose your doctor or hospital facility (as long as they accept Medicare). Plus, you don’t have to wait for specific enrollment periods to obtain coverage. You will have to pay an additional premium every month, but this means your out-of-pocket costs are way less. However, unless you have Part D, prescription drug coverage is not included with other supplemental plans. This is an important part of coverage for many people, so you’ll want to be sure your medications are covered.

Can I enroll in both?

No, you cannot have both Medicare Supplement plans and Medicare Advantage plans. You will have to choose between these options. When making your decision, you’ll want to consider whether your main medical providers are covered by the Medicare Advantage network (or whether you want the freedom to choose anywhere for care); whether you want your drug coverage as part of an all-inclusive plan; and whether you’d rather pay higher premiums and have lower costs, or have a low or $0 premium and pay for services as you use them.

If you’d like to find out more about the plans available to you or would like to obtain Medicare Supplement insurance quotes, contact Insurance Direct 123 today.

Leave a Reply

Your email address will not be published. Required fields are marked *