If you are a senior citizen or someone who is shopping for your older parents, you probably understand the importance of good healthcare coverage. Handling doctor bills, hospital bills and other healthcare-related expenses isn’t cheap, and it’s important to have help.
Although you or your parents might have Medicare, it might not be enough. You have probably heard about supplemental insurance plans, such as Plan A or Plan C, but you could be unsure about what these plans are or whether or not you need one. Luckily, learning more about various types of Medicare plans, including Plan D, Plan F and Plan G, can help you make the right decision for you or your parents’ healthcare.
What are Medigap Plans?
If your on Medicare, then you probably know how much copays and deductibles can add up. Even though Medicare covers a lot of things, it certainly doesn’t cover all medical expenses. Luckily, Medicare supplemental plans can help pay for all of these extra costs. Basically, these plans serve as private insurance to pick up the slack that Medicare doesn’t take care of.
What is the Difference Between Different Types of Medicare Supplement Plans?
If you have been shopping around for supplemental insurance, you might have noticed that you have two choices. Your options are Medicare Advantage and Medicare Supplement, and you could be unsure of which is your best choice. Therefore, it’s important to learn a little more about the differences between the two.
- Medicare Supplement Insurance – With a Medicare supplement plan, you still maintain your original Medicare plan. However, you will have additional insurance coverage, which will cover extra deductibles, copayments and other medical expenses. For example, Medicare might cover 80% of the costs, and your supplemental insurance plan might cover the 20% that you would otherwise have to pay.
- Medicare Advantage Insurance – When you switch to a Medicare Advantage plan, you transition completely to private insurance. Although your private insurance company will still cover all of the ordinary things that Medicare covers, but it covers additional costs as well. This is very similar to having original Medicare and an additional supplemental plan, but it’s handled a little bit differently.
Which Option is a Better Choice?
Both Medicare Advantage and Medicare Supplement insurance plans can be a great choice. With Medicare supplemental insurance, you can see pretty much any doctor that you want; with Medicare Advantage, however, you will generally be restricted to a certain network.
Medicare supplement plans generally don’t change as frequently; all you can expect is minor rate changes every now and then. Another good thing about a Medicare supplement plan, is the fact that you can purchase additional plans to get all of the coverage that you need; for example, you can invest in a Medicare Part D plan to help pay for your medication, or you can opt for other additional coverage to cover hearing, vision or dental.
However, you might find that Medicare Advantage is a simpler plan that covers everything under one policy. By comparing the prices of different types of plans and learning a little more about what each plan offers, you can make the right decision for you.
How to Find an Affordable Medigap Plan
Regardless of the type of plan that you are shopping for, we can help you compare Aetna, Cigna, Mutual of Omaha and more. We have done all of the hard work for you, and we have compiled information from all of the best companies out there. If you are looking for a fast and easy way to compare rates and benefits of different plans, select your state from the drop down menu. Then, you can find out more about your options, you can begin answering health questions, and you can start looking for the right plan for you. If you do, you’ll find that getting quotes and starting the enrollment process will be a breeze. In no time, you or your parents will have the additional coverage that you need to help take care of all of your medical-related expenses.