What’s the Difference Between Medicare Advantage and Medicare Supplement Insurance Plans?

Healthcare in the US is known to be expensive, and people spend a lot of time selecting the right plans for themselves and their families, always trying to save money. With so many options out there, having the best tools can help them get to that perfect plan faster. Each plan has pros and cons, and not all plans are available for everyone or in every area. Medicare is a federal government program that helps people get health insurance plans when they are over the age of 65. Certain other people can qualify for plans as well, like people with specific disabilities. Some of these people might be able to get a Medicare advantage plan, and others may opt for Original Medicare. People getting Original Medicare will be able to purchase Medicare Supplement Plans, while people on Medicare Advantage cannot purchase these add-ons. Here, Insurance US will explore the differences.

Getting The Right Amount Of Insurance For Your Needs

There are four different types of Medicare plans. These include Part A, Part B, Part C, and Part D. Medicare Part A and Medicare Part B, when together, make up Original Medicare. People with this plan may decide to get Medicare Part D, which includes prescription drug coverage. People with Original Medicare policies can also purchase Medigap plans, also called Medicare Supplemental Insurance plans, to get additional coverage or help with expenses not otherwise covered by their plan.

The second option that people have is called Medicare Part C, or Medicare Advantage. Medicare Advantage plans include everything that Medicare Parts A and B include, but can include other benefits as well. These additional benefits can include prescription drug coverage, dental coverage, vision coverage, and more. People who select a Medicare Part C plan are not able to purchase Medicare Supplement insurance, also called Medigap, plans.

Medicare Advantage Plans

Medicare Advantage plans are purchased by more than 30% of people enrolling in the Medicare program. The plans are gaining in popularity as they have many positives to them. Medicare Advantage plans are provided by private insurance companies and have been approved by the Medicare program. Not only do they cover everything in Medicare Parts A and B, but they also often come with additional benefits. These can include hearing coverage, vision coverage, and more.

People who purchase Medicare Part C policies, also called Medicare Advantage policies, should keep in mind that each plan can be different. Though the plans must include what is standardized with Medicare Part A and B, anything beyond that is up to the health insurance company providing the policy. Due to this, people should compare each policy they are considering with others so they can get the best rates as well as the best coverage.

By selecting a Medicare Part C plan, a person will not be able to purchase a Medicare Supplement Coverage Plan. These add-on insurance plans provide additional coverage to people who buy Original Medicare.

Medicare Supplement Insurance Plans

People that opt to purchase Medicare Part A and/or Part B can also choose to purchase Medigap plans. These plans are Medicare Supplement Insurance policies that work with your Original Medicare plan to help you save more money. Medicare plans are not designed to cover 100% of your medical expenses. After your premium, Original Medicare will pay for 80% of costs, with some exceptions, and you will pay the other 20%. Medigap plans can help you save money by covering expenses not otherwise covered.

People can end up paying a decent amount of money through coinsurance, as mentioned above, and there are also deductibles and copays that can add more costs to people on Medicare and other insurance plans. If you know that you are going to be needing medical attention, purchasing a Medicare Supplement plan may be the best option for you. The plans are also labeled using letters, including Plans A through D, and other letters up to Plan N. Some plans have been retired over the years and are no longer available. People who purchase a Medicare Advantage plan are not eligible to purchase Medicare Supplemental Insurance Plans.

What’s The Difference Between Medicare Advantage And Medicare Supplement Insurance Plans?

Both Original Medicare and Medicare Advantage plans will cover everything that Medicare Parts A and B requires. You will need to have Medicare Part A and B to get a Medicare Part C plan (Medicare Advantage) plan even. The differences come with the extras that you get above and beyond what Original Medicare provides. Medicare Part C plans often have coverages that Medicare Supplement plans do not add on. This includes things like hearing coverage, dental insurance, vision insurance, and more. If these are a high priority for you, a Medicare Advantage plan may be the ideal choice for you. There are also benefits to having all of your coverage through the same company, as you only have to deal with one company when the need arises.

Medicare Supplement plans often provide more direct ways of saving money. The plans often help with expenses related to copay, coinsurance, and deductibles. This can keep more money in your bank account overall. There are dental plans, vision plans, and hearing plans available through other companies, which is an option that many people use. These plans would not be through Medicare, but there are some fantastic options available. Plans can be found here at Insurance US.

Each person should consider their needs when choosing a policy. This is more than just considering premiums. Take a look at your medical history and what your anticipated expenses will be. Use this information to decide. Original Medicare, Medicare Advantage, or Original Medicare with add-on Medigap plans. The site here can help you get the best deals on health insurance, as well as the top policies to fit your needs.