Medicare Advantage Or Medicare Supplement – How to Choose a Medicare Health Plan?
Medicare Advantage vs. Medicare Supplements
Do you know the difference between these two types of health insurance for seniors in the US? They are different, and it is important for you to understand it so you can find the best coverage for you!
What is a MedSup?
Medicare supplements are also called Medi Gap or Medsups. They cover the “gaps” in coverage that original Medicare may not cover. They also come in different levels, from A – L, which of course, provide different amounts of supplemental coverage. The price will vary as well.
Since these medsups are provided by private health insurance companies, they do have a monthly premium. This price tag varies by level of coverage, zip code, and age the same way other health insurance does. Most plans are also subject to yearly price increases. So a 65 year old may purchase a policy at one price, but will probably expect to pay more at age 75.
There are periods when a beneficiary gets guaranteed enrollment, but during other times, that person may also be subject to normal health insurance underwriting as with any other individual policy. It is important to understand this, especially if you are considering dropping a plan for another plan.
The important thing to remember is that an insured person will still use their government issued card, in addition to an id card from the insurer. The two parts work together to provide the coverage that a person gets for their health.
What is Medicare Advantage?
These are different because they actually take over the health coverage for a person. A member will put their government id card in the back of their wallet and use their MA plan card to verify coverage. These plans come in different types too, and they are also provide by private insurers.
You may choose a PPO, HMO, or Fee For Service (Any Doc) plan depending upon what is marketed in your zip code and your preferences. Some plans my come bundled with Part D (Prescription) coverage while others do not. Some plans require an additional premium, but others will not. Some MA plans even rebate part of the Part B premium most Medicare beneficiaries have taken out of their social security checks.
What About RX Coverage?
Again, your options will vary. If you health plan does not come with prescription drug coverage, you can purchase PART D plans which work on their own. Some plans, especially MA HMO and PPO plans come with RX coverage, and so you will not need to buy another plan.
Which is the Best Health Insurance For Seniors?
No one plan is right for everybody. Many people are very happy with Medicare Advantage HMO or PPO plans because they like the network health providers and benefits. Others like the flexibility of a Medigap plan or Any Doc MA. A person’s budget will also affect their choice. As we wrote above, medsups come with a premium, but some MA plans have no additional price tag.
We want to help you Compare Medicare Health Insurance plans in your local area. We provide more information and free online health quotes.
Visit us to Compare Medicare vs Advantage plans.
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