Medicare Supplement Plans vs Medicare Advantage Plans

The Medicare landscape can be complicated and confusing. Many people struggle to understand what Original Medicare (Parts A & B) covers. And the availability of other policies, such as Medicare Supplement Plans or Medicare Advantage Plans, only makes the issue that much more difficult to navigate.

Understanding the options available will allow you to find the coverage that best meets your needs at a price that will fit your budget.

Medicare Supplement Plans

A Medicare Supplement Plan, also known as a Medigap Insurance Plan, is an insurance policy that supplements Original Medicare (Parts A and B). It helps pay for the portion of Medicare costs that Original Medicare doesn’t cover. This could include copays, coinsurance, and deductibles.

Neither prescription drug coverage nor dental coverage are included, but you may choose to add those plans separately.

Some important things to consider when choosing a Medicare Supplement Plan include:

  • Premiums for the same plan may vary from company to company, so it’s important to speak to a licensed agent familiar with all of the different options.
  • Generally there are no copayment costs charged at the time of service.
  • You will be able to go to any doctor or healthcare provider that accepts Medicare coverage.
  • There is no Annual Election Period (AEP) for Medicare Supplement Plans which means that you can switch coverage at any time during the year.

Typically, a Medicare Supplement Plan is ideal for someone who travels frequently, who appreciates no out-of-pocket expenses at the time service is provided, and values the option to see any provider that accepts Medicare.

Medicare Advantage Plan

A Medicare Advantage Plan, also known as Part C Plans, are an “all in one” alternative to Original Medicare. This plan combines the coverage of Medicare Parts A and B with additional benefits that you aren’t able to get from Medicare alone. Some important things to consider when choosing a Medicare Advantage Plan include:

  • Plan costs vary based on where you live.
  • Typically Advantage Plan premiums are lower than the cost of Supplement Plans because there are copays, deductibles, and coinsurance associated with Advantage Plans.
  • Most Advantage Plans will include networks of hospitals and doctors that you will need to see in order to receive coverage.  So it will be important to make sure that whatever plan you enroll in will allow you to continue seeing your current healthcare provider.
  • You are only able to change coverage during the Annual Election Period (AEP).

Typically, a Medicare Advantage Plan is ideal for someone who is looking for low monthly premiums and who doesn’t mind having to go in-network in order to receive coverage.

There are numerous Plans to consider with various costs associated with each option.

The agents at Dave Silver Insurance have been exclusively focused on Medicare Insurance options for the past 15 years. We are a local Florida agency which specializes in Medicare Supplement Coverage, Medicare Advantage Plans, and Part D Drug Coverage.

We know how confusing it can be to choose the Medicare insurance options that are right for you. So we will present all of your options in a clear, concise, and transparent manner.  There are no fees for our services and we are confident that we will find a solution that meets your needs and fits your budget. Call us today to schedule a free consultation.