Are you a retiree looking for the best Medicare coverage? You may have seen TV commercials about Medicare plans and wondered which one is the most suitable for you.
Deciding between Medicare Supplement or Medicare Advantage plans could be a complicated process for you. These are two distinctive plans that you should be aware of to make certain that you’re getting the best coverage that’s convenient for you.
Which one is the most beneficial for your golden years? This article explores the key differences between these types of plans as well as their benefits.
Medicare Supplement Plan
Private insurance providers are known to offer Medicare Supplement plans. A Medicare Supplement plan comes in handy because it helps to fill in the gaps that are left by Medicare. Keep in mind this type of plan does not cover your prescription drugs, so you would want to have a separate Part D plan to cover those.
The top reason a Medicare Supplement plan may work for you is that there is NO network. This means that your policy will be accepted by any physician or hospitals that simply participate with Medicare (which is just about all of them). As a member of this policy, you’re guaranteed access to quality health care from the best facilities nationwide.
Additional benefits that you may receive from a Medicare Supplement plan include low to no out-of-pocket expenses, foreign travel emergency benefits, and coverage for excess charges.
Medicare Advantage Plan
A Medicare Advantage plan, also known as Part C is offered by a private insurance provider. Unlike Medicare Supplement, a Medicare Advantage plan does not fill in the gaps from Medicare. A Medicare Advantage plan coverage is considered an “all in one” option.
This plan covers all the benefits of Part A and Part B, and may also include Part D. You may receive hearing, prescription drugs, dental, vision, and other benefits from Medicare Advantage coverage. The Advantage plan also will typically use a network, so you will need to make sure that all your doctors and hospitals participate in the plan’s network. While a Medicare Advantage PPO plan will allow you to see providers who are not part of the network (you will incur higher out of pocket expenses), a Medicare Advantage HMO plan requires that your provider be a participant in the plan’s network. In addition, when selecting a Medicare Advantage plan you will want to make sure that your prescription benefit does indeed cover all of your current prescription medications.
Sign Up for the Plan that’s Best for You
If you’re a retiree or about to retire, you should feel confident choosing a Medicare insurance plan that’s most suitable for your personal needs. Most importantly, you have the advantage of relying on a team of knowledgeable licensed agents to give you helpful advice.
If you need help or want to learn more about getting Medicare insurance coverage, our licensed agents will be more than happy to assist you.