Most individuals say they’re satisfied with their Original Medicare plan. However, two things have been bothering them: unforeseen out-of-pocket costs and no scope for eye and dental upkeep.
Private Medicare plans may help with these issues, but each type has advantages and disadvantages. To help you decide which method is best for your needs, here’s everything you need to know about Medicare Advantage and Medicare Supplement Plans 2023, as well as how they work together.
Coverage By Medicare
In retirement, it can be hard to figure out how much money you will spend on health care each year because there are times when you can’t predict how much money you will spend. While standard Medicare (Part A and Part B) provides enough basic coverage, it only pays for about 80% of the costs of hospitals, doctors, and medical treatments approved by the program.
Medicare Advantage and Medicare Supplement insurance are both types of insurance. Is it possible to have both of these types of insurance plans?
There are two types of coverage in Medicare: the Medicare Supplement and the Medicare Advantage. Unfortunately, both aren’t good together.
Often, Medicare Advantage Parts A and B are combined with other types of insurance, like Part D, to get a better deal. Supplemental Medicare is extra insurance that you can get if you already have Original Medicare Parts A and B.
Private insurers offer Medicare Advantage (also known as Part C) plans, which replace Original Medicare as your primary insurance. These plans are also called “Part C.” They cover all Medicare-covered services and may also cover some dental, hearing, vision, and fitness benefits. Most of them also cover prescription medicines with Part D.
Some of the costs of Medicare Advantage include a monthly premium, a deductible, coinsurance, and copayments. However, these costs don’t have your Part B premium, which you must still pay.
A Medicare Advantage plan is only available to people already on Medicare who live in the plan’s coverage area and don’t have an end-stage renal disease (ESRD).
They include HMOs, PPOs, SNPs, private fee-for-service plans, and Medical Savings Account (MSA) plans.
Medicare Supplement Insurance Plans
There are Medicare supplement plans because Medicare doesn’t pay for everything. They help with the costs that people have to spend on their own. These policies, also called “Medigap,” are meant to help you get more out of your Medicare coverage.
Medigap policies don’t cover prescription drugs; they can’t be used with Medicare Advantage plans, either. Even so, Medigap plans allow you to tailor your Medicare coverage to your own needs while still covering more expensive items.
They are different from other Medicare plans in that they don’t always cover everything. You have guaranteed rights during your Medigap Open Enrollment Period. This means that you can buy any plan available in your state and not be turned down or charged extra because of a previous condition that you had.
Medigap coverage can be bought during the six-month Medigap Open Enrollment Period, which usually starts when you turn 65 and have Medicare Part B. This is the best time to buy it.
Yes, Medicare Advantage may be more cost-effective for long-term health problems. But, when you consider flexibility and options, Medigap is the best choice.