want additional coverage. This is when you can opt for the Medicare supplements plans or choose the Medicare advantage plan. The benefits and costs are different for both the plans and thus it is important that you know what they are and what they offer before you decide on one.
Medicare advantage plans
The Medicare advantage plan is also known as Part C Medicare and it is offered by the private insurance company. These provide benefits under Part A and Part B minus hospitalisation. The Medicare advantage plan could also offer other benefits like dental, vision and prescription drugs.
Medicare supplement plans
This is also known as the Medigap plan and is offered by the private insurance company. This covers the health cost, which is not covered by the original medical plan like co-payments, deductibles and premiums.
The Medicare supplement plans help with the expenses that are not paid for by the traditional Medicare plan. These however do not cover services that the traditional Medicare does not cover.
Medigap or Medicare advantage plan –How do I choose? Enroll in a 2019 medicare supplement plan at https://www.medisupps.com/
It is important that you spend time to consider the healthcare needs and the cost as well as the benefits that the plan offers. If you choose the Medicare advantage plan then you will have to pay premium towards the part B premium. Also when you choose the Medigap plan remember that the costs could vary between the plans.
The factors that you should consider are:
- Out of pocket costs
- Prescription drugs cost
- Restrictions on hospital and doctors
- Cost of hospital services that you may have to use
- Monthly premiums
Can you buy both the plans?
No, you cannot buy both of them. This is because the Medigap plan cannot be used to pay for the premiums, co-payments or deductibles from the Medicare advantage plan which is Part C.
If you want to enrol in the Medicare advantage plan then you will have to first cancel the Medigap plan because it cannot be used to pay the costs towards the Medicare advantage plan. This however gives you the guarantee to purchase a Medigap policy in case you leave the Medicare advantage plan while you are still in the trial period, which is normally a year.
So before you plan to buy a Medicare advantage plan remember to surrender your Medigap plan.