Medicare health plans are Advantage and Supplemental plans for original Medicare Part A and Part B. There are two main options for seniors: Medicare Advantage, AKA Medicare Part C and Medicare Supplemental, AKA Medigap.
What is Medicare Advantage?
Medicare Advantage (Medicare Part C) replaces Original Medicare by limiting your network to a local, HMO-type network while adding extras like prescription drug coverage, dental, and vision. Medicare Advantage offers r low to no monthly premiums, usually subject to a deductible, copays, and coinsurance.
What is Medicare Supplement?
Medicare Supplement (Medigap) are standardized plans that fill in the gaps of Original Medicare. The benefit of being standardized is that all providers must offer the exact same coverage, and the you only need to shop by price.
Medigap can cover Medicare’s deductibles, copays, coinsurance, and offer additional coverage such as covering the first three pints of blood, extends hospitalization, and foreign emergency healthcare. These plans maintain Original Medicare’s nationwide network of doctors, this with the extended coverage generally makes the Medigap monthly premium higher than Medicare Advantage.
Part C or Medigap: Which covers more?
Making a decision between Medicare Part C and Medicare Supplement Insurance is really up to your needs and budget. For the greatest financial protection, our clients have found that Medigap, with many first-dollar coverage plans, limits their financial burden, however some clients find its monthly premium to be too expensive for their budget. For those clients, we suggest looking into a Medigap Plan F high-deductible (which offers the same coverage as Medigap’s most comprehensive plan, but with a deductible of $2,140 for 2014, but with a low monthly premium) or Medicare Advantage. The benefit of the MA plans are the inclusive Rx coverage.
For further help deciding between a Medigap and Medicare Advantage plan call the number above or if you’re ready to get started click here for a Medicare health plan quote.