Health care insurance for those who are Medicare eligible offers two main paths for coverage: Medicare Advantage (MA) or Medicare Supplement (Medigap). Which one is right for you?
Start with Medicare Part A & B
First off, you need Original Medicare before you can enroll in either Medigap or MA.
Part A provides hospital Coverage. Most people don’t pay for the Part A premium
Part B covers day to day medical expenses. Part B covers approximately 80% of doctor visits, lab work, wheelchairs, and walkers. Part B has a monthly premium that is based on your income.
Original Medicare covers the basics but you may want to look into Medigap or Medicare Advantage to help address additional costs.
Medicare Supplemental fills in the Gaps
Medicare Supplemental, AKA Medigap, kicks in where Original Medicare leaves off. Medigap may cover your deductibles, coinsurance, first 3 pints of blood , and some foreign travel emergency expenses. Plans coverage range from basic to more extensive. Just remember, each plan is federally regulated. So every insurance provider that offers Medigap Plan G must offer the exact same core coverage benefits. Get a Medigap quote here
If you go with Medigap, you will usually want to purchase Medicare Part D, AKA Prescription coverage as Medigap does not cover drugs at the pharmacy.
Medicare Advantage offers additional benefits
Unlike Medigap, a Medicare Advantage plans can offer additional benefits such a dental, vision and hearing. MA plans usually have access to a smaller network of doctors than Original Medicare but they control your cost with an annual out of pocket maximum for medical expenses. Each plan is unique so contact us to discuss which plan may be right for you.
For further questions call us at 800-930-7956.