Medicare Supplemental Insurance and Medicare Advantage Plans

Medicare Supplemental Insurance

Traditional Medicare (Part A and B) does not provide 100% coverage for medical expenses such as deductibles, co-payments, and co-insurance. Medicare Supplemental insurance plans were designed to fill the gaps that traditional Medicare doesn’t cover. Also called ‘Medigap’, such a Medicare Supplement plan allows seniors on Medicare to stay healthy, knowing that such a supplemental insurance may pay for many of the health care costs that are not covered by Medicare. It might be a good idea to think about additional coverage by comparing Medicare Supplemental insurance plan quotes and Medicare Advantage plan quotes to your Medicare Part B premium in order to find the health care coverage that best suits your needs and your budget. Also, adding a Medicare prescription drug plan may help you with high costs for medications in the future.

Medicare Supplemental Insurance Plans can be purchased for anyone over the age of 65 and or on disability and receiving Medicare coverage. For those just turning 65 in and starting to go on Medicare are eligible for the Initial Enrollment period. This means that you are guaranteed insurance coverage no matter what your current health status. Many seniors in are unaware they are unable to get health insurance at this point and continue to go with out it, which could cost them a lot of money in the long run.

Find more information about Medicare Supplemental Insurance available to you by selecting your state in the sidebar.

Medicare Advantage Plans

If you are eligible for Medicare, you may want to look into Medicare Advantage Plans. Medicare Advantage, also referred to as ‘Medicare Plan C’ offers seniors who are eligible for Medicare the choice of using a private insurance plan instead of Medicare itself. Since Medicare’s for-fee services and limitations can be significant, particularly in the case of prescriptions, Medicare Advantage plans help many people to get better health insurance coverage with more benefits and lower out-of-pocket costs. And, because the premiums for these plans are determined by competition among private health insurance providers, you can often find an inexpensive plan that covers your health care needs, becoming an excellent alternative to traditional Medicare.

Under Medicare Advantage you may sign up for a HMO, PPO or Fee For Service (FFS) plan or a Medical Savings Account (MSA) – whatever meets your health care needs and budget.

If you select a Medicare Advantage plan, you will find that most insurance providers that are offering such plans also offer Part D prescription drug plans. You may find it advantageous to apply for both because the additional cost for a drug prescription plan are usually minimal and well worth it. However, be aware that, while Medicare Advantage plans are standardized, Part D prescription plans are not. So do not sign up for a joint plan automatically. Make sure your prescription plan meets your needs. There are no restrictions on having one plan with one insurance company and the other with another health insurance provider.

If you currently don’t have medical problems and don’t see a doctor for more than an annual checkup, or otherwise rarely use medical services, a Medicare Advantage plan may not be for you. However, as you never know what the future may bring, a Medicare Advantage plan may save you significant money in the long run by reducing out-of-pocket costs and because, except for end-stage kidney disease, preexisting conditions do not prevent you from enrolling in a Medicare Advantage Plan, although you may need to choose a special needs plan.

Find more information about Medicare Advantage Plans available to you by selecting your state in the sidebar.