If you are enrolled in Original Medicare but want more from your insurance, you have options. Medicare Advantage (Part C) plans offer Medicare beneficiaries additional benefits, while Medicare Supplement Insurance fills the gaps that are left behind in Original Medicare.
To find out what each of these insurance products offer, keep reading.
What Is Medicare Advantage?
Through Medicare Part C, private insurance companies contract with Medicare to provide its beneficiaries with their Part A and Part B benefits. The plans sold under Part C are required to offer minimum benefits that are equivalent to Original Medicare, but they can also offer additional benefits that aren’t available through Original Medicare.
What Is Medicare Supplement Insurance?
Medicare Supplement Insurance, or Medigap, is a type of insurance that provides additional coverage for Original Medicare members. The plans cover out-of-pocket costs that Medicare beneficiaries would otherwise need to pay on their own. There are ten different standardized plans to choose from, each offering a different arrangement of benefits.
Medicare Advantage vs. Medigap
Medicare Advantage plans are very different from Medigap plans. While Medicare Advantage plans are major health insurance, Medigap plans are just supplemental insurance. A Medigap plan isn’t designed to provide you with all of your health benefits. Instead, it just helps make your Original Medicare coverage more affordable.
Through Medicare Advantage, you receive hospital insurance and medical insurance, as well as prescription drug coverage and extra benefits in some cases. Medigap simply helps Original Medicare beneficiaries cover out-of-pocket health care costs.
Which One Should I Get?
If you aren’t sure whether or not to get a Medicare Advantage plan or Medigap plan, you should consult with an insurance agent. They’ll help you determine if you should switch to Medicare Advantage or keep Original Medicare and get a Medigap plan. You can’t have Medigap and Medicare Advantage at the same time, so this is an important decision.
Speak With An Agent
To learn more about Medicare Advantage and Medicare Supplement Insurance, speak with a Medicare specialist. The agents at Medicare With Jake are ready to take your call. You can reach us at (833) NOW-JAKE.
