If the benefits offered through Original Medicare are not sufficient for your lifestyle, there are some other options you can choose. One of these options, Medicare Supplement Insurance, which provides additional financial coverage for Original Medicare costs. The other is Medicare Advantage, which offers the same benefits as Original Medicare, often with additional benefits specific to each policy. If you are looking to improve your Medicare coverage, here is what you need to know about both of these options.
What is Medicare Supplement Insurance
Medicare supplement insurance is not a full insurance policy; instead, it is additional coverage that can be purchased through approved insurance providers. The purpose of Medicare Supplement Insurance, also known as Medigap, is to provide Original Medicare recipients with coverage that fills the financial gaps left behind by their Medicare policy.
In exchange for their premium payments, individuals with Medigap policies can use their benefits to pay the coinsurance, deductible, and copayment costs that remain after Medicare pays their portion for Medicare-approved services. There are ten different Medigap plans currently available, each providing recipients with varying coverage arrangements that will significantly alter their insurance costs.
What is Medicare Advantage
Medicare Advantage is a standalone Medicare policy that provides purchasers with all of the benefits offered by Original Medicare. Unlike Original Medicare, Medicare Advantage plans are serviced through third party insurance providers. These providers simply need to receive permission from Medicare to provide their customers with Original Medicare benefits.
Unlike Original Medicare policies, Medicare Advantage policies typically come with a set network of providers that will provide you with covered care. Therefore it is important to seek an Advantage plan that provides you with adequate coverage for the area you will most frequently be in.
Medigap vs. Medicare Advantage
There is a big difference between Medigap and Medicare Advantage. While Medigap is a supplemental policy geared toward helping make Medicare more affordable, Medicare Advantage is an entire health insurance plan that will dictate your overall coverage. The variety of Advantage plans is also greater, as there are only ten major Medigap policies while there are dozens of typical Advantage plan offerings.
Shop Medigap and Medicare Advantage
Finding a Medigap or Medicare Advantage plan can be difficult if you don’t know what to look for. With Midwest Medigap, you can find a new policy that fits your specific needs. Contact us now to schedule a call where you can receive a free quote.
