What is Medicare Insurance (Advantage & Supplement)?
Medicare Advantage (Part C): Medicare Advantage plans are offered by private insurance companies approved by Medicare. These plans provide an alternative way to receive Medicare benefits instead of enrolling in the original Medicare (Part A and Part B). Medicare Advantage plans are required to provide at least the same level of coverage as original Medicare but often include additional benefits such as prescription drug coverage (Medicare Part D), vision, dental, and hearing services. Some Medicare Advantage plans may also offer additional wellness programs or care coordination services. These plans typically have their own networks of doctors and hospitals, and may require you to use network providers to receive the full benefits.
Medicare Supplement (Medigap) Insurance: Medigap plans are also offered by private insurance companies. These plans are designed to supplement the coverage gaps in original Medicare. When you have original Medicare (Part A and Part B), there are certain out-of-pocket costs such as deductibles, coinsurance, and copayments that you are responsible for paying. Medigap plans help cover some or all of these costs. They work alongside original Medicare and help pay for expenses like deductibles, copayments, and coinsurance. Medigap plans do not typically include prescription drug coverage, so if you want prescription drug coverage, you may need to enroll in a separate Medicare Part D plan.
It's important to note that you cannot have both a Medicare Advantage plan and a Medigap plan at the same time. You must choose one or the other. Additionally, Medicare Advantage and Medigap plans have their own costs, coverage limitations, and enrollment periods, so it's essential to review the details of each plan carefully and consider your specific healthcare needs before making a decision.