Medicare Plan Types
Medicare Advantage
A Medicare Advantage Plan is a type of Medicare health plan provided by private companies; these plans are reviewed annually by Medicare to ensure you receive all your Part A and Part B benefits.
Medicare Advantage Plans come in various forms, including Health Maintenance Organizations, Preferred Provider Organizations, Private Fee-for-Service Plans, Special Needs Plans, and Medicare Medical Savings Account Plans.
When you enroll in a Medicare Advantage Plan, your Medicare services are covered through the plan itself. Original Medicare will not pay claims that your Medicare Advantage plan is responsible to cover.
Additionally, most Medicare Advantage Plans offer prescription drug coverage for comprehensive healthcare benefits.
Medicare Supplements
Medicare supplement insurance, also known as Medigap, serves as a valuable ally in covering some of the healthcare expenses that original Medicare might not handle. We're talking about things like copayments, coinsurance, and deductibles - those pesky out-of-pocket costs.
But wait, there's more! Some Medigap policies also step in to provide coverage for services that Original Medicare doesn't touch. Take, for example, medical care during your international adventures outside the U.S. Some companies may offer discounts for non-healthcare services.
If you're on Original Medicare and you've got a Medigap policy in your corner, here's how it works: Medicare pays its share of the Medicare-approved amount for your covered healthcare costs, and then your trusty Medigap policy takes care of its share.
Now, it's important to note that a Medigap policy and a Medicare Advantage Plan are two different beasts. Medicare Advantage Plans are a way to get your Medicare benefits, while a Medigap policy serves as a supplement, enhancing your Original Medicare benefits. They're like the reliable sidekick to your healthcare journey.
