Know The Differences: Medicare Advantage vs. Medicare Supplements

Medicare Advantage vs. Medicare Supplements

When it comes to Medicare, you have options. Everyone will start with Original Medicare, which comprises of parts A (hospital coverage) and B (doctor visits). Then, you will have the option to enroll in Medicare Advantage or Medicare Supplements (sometimes called Medigap). You cannot have both. Let’s take a look at the differences between Medicare Advantage vs. Medicare Supplements.

Medicare Advantage

Original Medicare alone only covers hospital and doctor visits, so you’ll need extra coverage for other services. Medicare Advantage is a great option for you to get the care and coverage you deserve. It still covers hospital and doctor visits, but it adds on extra services like prescription drugs, dental, and vision. Plus, most Medicare Advantage plans have a fitness benefit called SilverSneakers. SilverSneakers is a a group fitness program for seniors, usually hosted at YMCAs and gyms across the country.

Types Of Medicare Advantage Plans

There are six main types of Medicare Advantage plans. You’ll need to choose the one that works best for you based on your provider preferences and health care needs. An agent can help you figure that out.

  • HMO Plans (Health Maintenance Organization) – You’ll select one primary physician and can only see specialists that your primary physician recommends.
  • HMO-POS Plans (Point-Of-Service) – You’ll select one primary physician but can also visit any other specialists in your network for an extra fee.
  • PPO Plans (Preferred Provider Organization) – You can see any doctor, but in-network doctors will be much cheaper.
  • PFFS Plans (Private Fee-For-Service) – Not all doctors will accept this plan, but you will not need to select a primary physician or get referrals.
  • SNP (Special Needs Plans) – Only for those who have a chronic disability or illness, live in a nursing home, or are eligible for Medicaid.
  • MSA (Medical Savings Account) – Medicare will deposit money into a separate bank account for you to use for Medical expenses.

Medicare Supplement

Medicare Supplement is an addition to your Original Medicare that provides additional financial coverage, but no additional medical benefits. It’s sometimes called “Medigap” because it fills the gap that leaves you paying out-of-pocket for things like deductibles, copayments, and coinsurance.

There are several different types of Medicare Supplement plans, all defined by different letters. An agent can help you decide which letter plan works best for you and your financial needs. It’s important to remember that a Medicare Supplement plan will not provide vision, dental, prescription drugs, or any other type of additional benefits. It will only help you pay for the services you’re already signed up for with your Original Medicare.

How To Choose

Your agent can help you figure out whether Medicare Advantage or Medicare Supplement is right for you, then help you pick the best plan for you and your needs. You’ll want to pay close attention to what your out-of-pocket costs will be with each plan. That means you should look for terms like deductible, premium, copayment, and coinsurance. You should also check with the doctors, hospitals, and pharmacies that you like to make sure they’ll accept your new plan.

You can call us to set up a free appointment with a licensed and experienced agent. Our agents can sell plans from multiple carriers, which means they can help you pick a plan without ANY bias. They’ll help you choose a plan that truly works best for you.

Call us to set up your free appointment at 1-844-431-1832.