The differences between Medicare supplement insurance and Medicare advantage

Health insurance has become a necessity especially with the ever-increasing cases of diseases and outbreaks. There are so many reasons why everyone should invest in health insurance.  Medical care is becoming expensive by the day and footing for health care costs out of pocket will be an expensive undertaking that will eat into your finances in case of a medical emergency. There are also additional benefits when you subscribe to health insurance, all depending on the package of your choice.

Nonetheless, before considering just any type of health insurance policy, you’ll need to learn what each package has to offer.  One thing to note is that once you’ve agreed to enroll in a health care plan, it will be a commitment that will require prior plans and financial preparations to ensure that you’re not late on payments or deductions for that matter.  This is especially the case for those wishing or considering additional health insurance coverage. To that effect, below are the differences between Medicare supplement and Medicare coverage.

Health Benefits

Also known as Medigap insurance, Medicare supplement insurance comes in 10 insurance plans each denoted by a specific letter. As the name suggests, this is a type of insurance that supplements your original Medicare. The thing is, while it’s important to have a Medicare policy, it will not help to cover much. This means that you’ll need to pay for some health care costs out of pocket. However, for those wishing to extend coverage, perhaps it’s time you considered switching to a plan that offers you more. For instance, anyone turning 65 should consider investing in Medicare plan G. this is a Medicare supplement insurance plan offering comprehensive coverage on various inpatient and outpatient costs. According to insurance agents at Medicare Wire, some of the benefits associated with Medicare supplement insurance are only exclusive to those who enroll in a different plan such as plan G. With such plans you can receive additional coverage on services such as hospice care, blood transfusions, ambulance services, and diabetic treatment and supplies to mention but a few. These are costly services that are not easy to cover with medicare advantage plans unless you have a copay arrangement.

Eligibility

To be eligible for Medicare supplement insurance (Medigap), you’ll first need to meet the requirements laid out in your state. This is because different states have different statutory laws regarding the age of eligibility as well as other mandatory requirements.  In addition to this, you’ll also be needed to enroll yourself in Medicare parts A and B. On the other hand, those wishing to subscribe to Medicare advantage plans also known as part C, you’ll first be needed to enroll in both parts A and B. The caveat, however, is that with parts A and B, candidates must be 65 years of age or older, with a terminal illness such as end-stage renal disease (ESRD), or with a disability. For any issues regarding Medicare fraud, you should contact a healthcare fraud lawyer. 

Enrollment

To enroll in Medigap, you must first attain the age of 65 and above and then enroll in Medicare part B. Additionally, you may be required to produce a medical underwriting when enrolling in Medicare supplement insurance. On the other hand, enrolling in Medicare Advantage plans is fairly easy especially if you enroll within certain periods of the year. In addition to this, if you wish, you can switch to another Medicare plan of your choice with two open enrollments per year all depending on what they have to offer. 

Availability

Before enrolling in any health insurance plans, it’s very important to ensure that the plans of your choice are available and supported by your state. When it comes to Medicare supplement insurance, the 10 plans can only be found in some states. This is all the more a reason to consult with your provider to determine the states they cover. In contrast, Medicare Advantage plans are available in all the states. But then again, you must be within your network area of coverage to access affordable health care.

Coverage

Medicare supplement insurance will pay some out of pocket costs that are not covered by your original Medicare. This means that if you’re not in a premium plan, your prescriptions will not be covered. However, with Medicare Advantage plans, you’ll be provided with comprehensive coverage including prescription coverage.

The Takeaway

Today, you have the advantage of enrolling in a health insurance plan that will be tailor-made depending on your health care needs. Before you enroll yourself in any plans, it’s important that you also strategize on how you intend to pay for the deductibles. But when your family’s health is on the line, no amount is too big to part with.