Seniors are faced with choices regarding their total health care coverage in addition to the Original Medicare. To know which is better, Medicare Advantage and Medicare Supplement require a little research to know what each does and how it affects your requirements for additional health care coverage. Before you begin your comparison of plans, sit down and write out what type of coverage do you need. Ask yourself do you need prescription drug coverage, chiropractic coverage and anything else that is important to you. With this list handy, you can more easily decide which is better, Medicare Advantage or Medicare Supplement.
Medicare Advantage Plans are obtainable from private insurance carriers. Some are offered by larger well known companies. You can also purchase them from Health Maintenance Organizations (HMOs), Preferred Provider Organization (PPO) plans, and from Private Fee-for-Service and Specialty Plans. Normally, these plans provide all of the coverage of Original Medicare as well as additional benefits and services. These additional health care services include chiropractic, prescription drugs and hearing aids. Furthermore, they may include gym memberships, preventive care services, dental, vision and access to disease management programs. You are allowed to purchase a Medicare Advantage Plan in addition to having Medicare Part A and Part B. The cost of the plan is based upon what benefits are being offered and type of plan the company is offering.
Medicare Supplement coverage is also known as Medigap. There is a gap between what Medicare pays and what you will have to pay out of pocket. Medigap Plan is an insurance policy sold by private companies to fill in the gap and help you pay your health care costs that Medicare does not cover. This includes coinsurance, copayments and deductibles. You have to be enrolled In Part A and Part B. Medigap Plans can include drug plans, office and hospital visits, high deductible plans. They are usually listed by letters. They offer choices so you can customize the benefits you need. By choosing a plan that is tailored to your needs, you can reduce your monthly premiums. Medigap coverage usually provides a better alternative than Medicare Advantage as it can keep your health care cost down.