What is Medicare Health Insurance?

The answer can vary considerably. Here the focus will be on the two most popular options.

Medicare Advantage Plans and Medicare Supplements (Medigap)

Many times, you will hear someone tell you that one is better than the other. This is not the way to evaluate the two. Everyone’s situation is unique to them and what works for one person will not always work for another. Evaluate your own situation and don’t rely on what someone else has done. This is often a top mistake we help correct. Contact us and we will help you make the most appropriate decision for your situation.

Choose how to receive your coverage

Medicare Advantage Plans are a type of Medicare health insurance offered by a private company with a contract with Medicare to provide all your Part A and Part B benefits. Most Medicare Advantage Plans also offer prescription drug coverage. In addition, Medicare Advantage Plans also offer additional benefits like Vision, Dental, Gym Memberships, a reduced Part B premium, $0 plan premiums and more.

Common types of Medicare Advantage Plans include:

  • Health Maintenance Organization (HMO) Plans
  • Preferred Provider Organization (PPO) Plans
  • Private Fee-for-Service (PFFS) Plans
  • Special Needs Plans (SNPs)

Find out if Medicare Advantage is right for you: Click here for assistance.

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Medicare Supplement Insurance (Medigap)

Medigap is Medicare Supplement Insurance can help cover the cost left over after Original Medicare pays its cost shares for covered health services. Medigap policies are sold by private companies and will include an additional premium to your Part B premium. Also, Medigap does not include Prescription Coverage, that will also have to be purchased from a private company at an additional premium.

What does the Medicare Supplement Cover?

  • Copayments
  • Coinsurance
  • Deductibles – Except the Part B Deductible.
    • As of January 1, 2020, Medigap plans sold to new people with Medicare aren’t allowed to cover the Part B deductible. Because of this, Plans C and F are not available to people new to Medicare starting on January 1, 2020. If you already have either of these 2 plans (or the high deductible version of Plan F) or are covered by one of these plans before January 1, 2020, you’ll be able to keep your plan. If you were eligible for Medicare before January 1, 2020, but not yet enrolled, you may be able to buy one of these plans.

Medigap can be expensive for some individuals but the benefits can sometimes outweigh the cost. The 3 main benefits of Medigap are:

  • The Freedom of no plan networks
    • You must still use a Medicare accepting provider
  • Predictability of cost
    • although the monthly amounts can be expensive for those with predictable and continuous costly medical treatments the high monthly cost can be more manageable than unpredictable constant cost shares.
  • Continuity of Care
    • For those in the middle of treatments and transitioning from another form of insurance. The continuity of care can be extremely appealing. For example. Someone in the middle of extreme treatments with many different doctors may not be able to find an advantage plan that all their doctors accept, and it may not be an option to change any doctors at that time. This continuity can be worth the monthly cost.

Find out if a Medicare Supplement is right for you: Click here for assistance.