Understanding Medicare Supplement and Medicare Advantage Plans: Insights from a Supplemental Medicare Agency in Michigan City, Indiana

Original Medicare is a health insurance program that covers many medical and hospital services, but it does not cover all your healthcare needs. In other words, there are certain services and expenses that Original Medicare does not pay for.

What can you do about these gaps in coverage? Private Medicare plans, such as Medicare Advantage and Medicare Supplement plans, can help fill in these gaps. These plans can provide coverage where Original Medicare falls short.

Are you interested in learning about the specifics of both Medicare Supplement and Medicare Advantage plans? This Supplemental Medicare agency in Michigan City, Indiana is going to review them below.

Medicare Advantage

Medicare Advantage (also known as Part C) is an alternative to traditional Original Medicare coverage. This option is available through private insurance companies and combines the benefits of Original Medicare Parts A (hospital insurance) and B (medical insurance). These plans also include additional benefits.

When you choose a Medicare Advantage plan, you are looking at a structured cost setup. Unlike the unpredictability of paying for each medical service with Original Medicare, Medicare Advantage plans introduce a more predictable expense structure.

These plans usually have charges, such as copays for doctor visits, deductibles for some services, and monthly premiums. Some of these plans offer premiums as low as $0, apart from your Part B premium. Moreover, these plans come with an annual limit on your out-of-pocket expenses for medical services, giving you peace of mind that you won’t face unlimited costs in any given year.

A significant advantage of many Medicare Advantage plans is their inclusion of Part D, which covers prescription drugs. This means you don’t have to worry about finding and paying for another plan just for your medications. It simplifies your coverage by integrating it into one plan.

Medicare Advantage plans also cover services that Original Medicare does not typically cover, such as routine vision, dental care, and hearing aids.

However, you must consider the network restrictions associated with Medicare Advantage plans. You will likely need to visit doctors and healthcare providers within the plan’s network to get the most cost-effective care. While many plans offer some coverage for services obtained outside their network, the costs may be higher. This is just one important factor your Supplemental Medicare agency in Michigan City, Indiana will help you consider when choosing your plan.

Medicare Supplement

Medicare Supplement plans, on the other hand, add to your Original Medicare coverage. They help you manage expenses that Original Medicare does not fully cover, such as Part A and Part B deductibles, copayments, and coinsurance.

Unlike Medicare Advantage, Medicare Supplement plans work alongside your Original Medicare benefits. They offer financial protection against the costs accumulated from receiving healthcare services.

With a Medicare Supplement plan, you are not replacing your Original Medicare coverage — you’re enhancing it. This means that you still have the flexibility to see any doctor or visit any hospital that accepts Medicare without network restrictions. This can be valuable if you prefer choosing your providers or if you require care from specialists outside of a typical Medicare Advantage network.

Can you have both plans?

You cannot have a Medicare Advantage plan and a Medicare Supplement plan at the same time, because these two types of plans work differently with your Medicare. A Medicare Advantage plan replaces Original Medicare, while a Supplement plan adds to it.

But if you find that one plan does not fit your needs, you can switch to the other. For example, if you are currently enrolled in a Medicare Advantage plan and decide that a Medicare Supplement plan might be better for you, you can make that change. If you are switching, make sure you do it during your 6-month Medigap Open Enrollment Period, or there might be more limitations or rules you have to follow.

A Supplemental Medicare agency in Michigan City, Indiana can help explain these details and help you make the best decision for your healthcare needs. They can tell you more about the right times to switch plans and what you might expect if you decide to switch from Medicare Advantage to a Medicare Supplement plan outside of the Medigap Open Enrollment Period.

Looking for a Supplemental Medicare Agency in Michigan City, Indiana?

Are you ready to meet with a knowledgeable Supplemental Medicare agency in Michigan City, Indiana that can help you review your healthcare options? If so, Senior Care Insurance Services is here to support you every step of the way. Our agents can help you understand the differences between Medicare Advantage and Medigap plans and find the coverage that fits your lifestyle.

Contact us today to schedule an appointment.