Knowing your Medicare insurance options can help you to make more effective choices about your health care in the years ahead. Our trusted team at Good & Associates has significant experience in the health care insurance marketplace, and within this new post, we’ll explain the main differences between the Medicare Supplement and Medicare Advantage programs.
To be eligible for the Medicare Advantage program, you must live in a service area, and you must already be signed up to the original Medicare and Parts A and B. Medicare Advantage accepts all applicants other than those who are in the end stages of renal disease. The Medicare Advantage plans have an out of pocket annual maximum cost, which you will be informed of when you sign up for the plan. One clear disadvantage of the Medicare Advantage program is that benefits can change yearly, and there is no guarantee of renewal each year. It’s important that you work with your insurance company to determine continued eligibility and to monitor the costs of coverage. The Medicare Advantage program has within it several plans that cover prescription drugs. And each of these plans can be customized according to your drug requirements over time.
The Medicare Supplement program – or Medigap – is a program that allows you to go to any health care provider that accepts Medicare coverage. Another clear benefit of the program is that there are no copayment costs. However, the premiums can vary widely based on your age and current health. And this means you should speak with a number of different providers to ensure you’re paying the lowest possible cost with the highest possible coverage level. Another thing to consider is that Medicare Supplement does not take all patients, as is mostly the case with the Medicare Advantage program. You will be assessed for eligibility based on your health and any pre-existing conditions that might impact your health in the future.
By understanding the various elements of both programs, you can make an effective choice regarding Medicare Advantage and the Medicare Supplement. To discover more about the options available, call us today.