Category: Medicare Advantage Plans

Navigating the Medicare space can be an arduous task. With Medicare advantage and Medicare Supplement packages covering various parts of the medical billing apparatus, it can be difficult to know what you need. This article can help you decide if either of these plans may be advantageous for your situation.

What Is a Medigap Policy?

Medicare Supplement Plans like Medigap can be a smart way to go if Original Medicare is your policy of choice. These supplemental plans are essentially private insurance options that help to cover the gaps that exist in Original Medicare like coinsurance, copays or deductibles. In order to purchase a Medigap policy, you’ll need to have Medicare Parts A and B. Combining Original Medicare with this type of supplemental plan can generally keep most medical expenses covered by insurance.

Medicare Advantage Plans Offer Flexibility

Also known as Medicare Part C, Medicare Advantage Plans have been an alternative option to Original Medicare since 2003. These plans are administered by private insurance and paid for by the government. Medicare Advantage Plans can provide for greater flexibility because they allow PPO and HMO options, opening up a greater range of services and available doctors. One drawback of this option is that premiums can vary from year-to-year because private companies determine them. When the benefits outweigh the costs, this can be disregarded, but it should be taken into consideration.

Choosing a Medicare plan that works for you can take time and research. Considering the benefits and costs that you anticipate can help you to reach a decision.

Medicare advantage plans – you may have heard about them on a commercial or in a magazine ad. But understanding exactly what they are requires a bit of research. Whether you are nearing eligibility or already have Medicare coverage and want to know more, this article can help you to understand the pros and cons of advantage plans and whether choosing one is right for you.

Provided by the federal government, standard Medicare covers hospital care and outpatient services through two programs called Part A and Part B. The government sets your copayments and it all works much like with private insurance.

Since 2003, however, Medicare advantage has been another option. Here are some of the main things that make Medicare advantage plans, also knowns as Part C, different from standard Medicare.

Advantage Plans Are Privately Administered

One of the major differences is that advantage plans are administered by private insurance companies that must be designated as providers by Medicare. Providers are paid to cover your costs under rules set by the government. This allows them to offer a higher level of flexibility, such as HMOs and PPOs. For many people, this is a great pro.

Prices Can Vary

Unlike standard Medicare, the prices for these plans are set by private insurance companies instead of the federal government. Plans and premium costs can change annually since they aren’t capped by the government. As a result, your out-of-pocket costs may be higher, which is a real drawback for many people.

Benefits May Be Better

One of the benefits of these plans is expanded coverage beyond what original Medicare offers. That can mean vision coverage, dental plans or even prescription coverage, often for a better price than typical private insurance.

Picking medical coverage is a big decision and choosing Medicare coverage can be particularly tricky. Consider these pros and cons when deciding on Medicare advantage plans and you’ll feel confident in your choice.