For those looking to get extra out of their Medicare coverage, Medicare Supplements and Medicare Advantage are great options. However, the one that is right for you will depend on your personal needs and preferences.
What Are Medicare Supplements?
Medicare Supplement Plans, also known as Medigap, reduce out-of-pocket expenses. Depending on the expense and the plan, you may not have to pay anything at all.
What Options Do Medicare Supplements Offer?
Medigap plans include Plan A, B, C, D, F, G, K, L, M, and N. These differ based on level of coverage. However, Plans C and F are not available to those who turned 65 on or after January 1, 2020, as plans can no longer cover the Medicare Part B deductible.
Types of costs a Medigap plan can cover include:
- Part A deductible and coinsurance (hospital, hospice, and skilled nursing)
- Blood (first three pints)
- Part B coinsurance, deductible, and excess charges
- 80% of foreign travel emergency care costs
How Do I Get Medicare Supplements?
To get a supplement plan, you’ll have to be enrolled in Medicare Part A and Part B. These two together are known as Original Medicare. Once enrolled in Part B, you enter the Medigap Open Enrollment Period, which lasts six months starting the month you get Part B.
After this enrollment period passes, you may not be able to get Medigap. If you’re able to get it, it may cost more.
What Is Medicare Advantage?
Medicare Advantage covers more services than what one could get through Original Medicare, rather than reducing or eliminating remaining out-of-pocket costs.
Medicare Advantage offers the same inpatient and outpatient coverage as Original Medicare, plus other possible benefits like:
- Dental
- Vision
- Hearing
- Gym memberships
The services covered will vary from plan to plan. Medicare Advantage also comes in different forms, such as Health Maintenance Organization (HMO), Preferred Provider Organization (PPO), and Point-of-Service (POS) plans.
How Do I Get Medicare Advantage?
Medicare Advantage requires enrolling in Original Medicare. You can join Medicare Advantage during the Initial Enrollment Period (three months before you turn 65 to three months after) or the Open Enrollment Period (October 15 to December 7).
Can I Have Medicare Advantage And Medicare Supplements Together?
No. If you have Medicare Advantage and want to enroll in Medigap, you’ll have to drop your plan and go back to Original Medicare. Likewise, if you have Medigap and are interested in Medicare Advantage, you’ll have to drop Medigap before you can join Medicare Advantage.
Get The Savings You Need
At JA Agency, we put you in the driver’s seat when it comes to how you save on your medical treatments. Whether it’s Medicare Advantage or a Medicare Supplement Plan, we’ll guide you through your options so that you select the one that’s truly right for you. Call us today at (551) 795-1229.