Medicare Advantage Plans and Medicare Supplement Plans( also known as Medigap) are different! If you know someone is is on Medicare or turning 65 soon it’s important to know the difference!
Here are some of the simple explanations of Medicare Advantage vs Supplement…
Medicare Supplements work in tandem with Original Medicare, Part A, & Part B, and will help pay for various costs that Original Medicare will not cover, (gaps).
These plans do not give stand-alone coverage; you need to be enrolled in Medicare Part A & Part B for your primary coverage. If you want prescription drug coverage, you have to purchase a separate Medicare Prescription Drug Plan (Part D) as well.
A Medicare Advantage plan is private insurance administering your Medicare benefits. You do not lose your Medicare benefits but you will receive them from the Insurance company vs Medicare. Medicare Advantage plans will have their own rules and networks but will also often offer additional benefits such as dental and vision.
When you select Medicare Supplement insurance (Medigap), you are still enrolled in Original Medicare. Medicare pays for your health-care bills primarily, and then your Medigap plan covers particular cost-sharing expenses required by Original Medicare, such as copayments, coinsurance, or deductibles.
Sometimes, Medigap plans can also help with other expenses that Original Medicare will not cover, like Medicare Part B excess charges or emergency medical expenses when you are traveling outside the United States.
Remember a Supplement may only be used to pay for Original Medicare expenses; they cannot be used along with Medicare Advantage plans.
Each person has their own coverage and cost needs. Total Benefit Solutions, Inc can show you the differences that matter to you specifically. Call us and we’ll help you find your Medicare plan. (215)355-2121.