Before you apply for a Medicare plan, it’s important to do your due diligence and research different options to ensure you choose the best plan for your needs. This includes understanding the coverage options, costs, and potential out-of-pocket expenses associated with each plan, particularly Medicare Advantage vs. Medicare Supplements (Medigap). Never hesitate to reach out to an experienced Medicare expert for help navigating the application process and making an informed decision. By taking the time to educate yourself and compare different plans, you can ensure you are getting the coverage that meets your needs and prevent you from making costly mistakes.
The Advantages of Applying for Medicare
Medicare offers aging individuals and those with disabilities coverage for a wide range of healthcare services. The advantages include:
- Access to Affordable Healthcare: Medicare helps cover the cost of medical services including doctor visits, hospital stays and prescription drugs, making it more affordable and accessible for seniors.
- Peace of Mind: Knowing that you have coverage for your healthcare needs can provide peace of mind and alleviate financial stress.
- Protection Against High Medical Bills: Medicare helps protect you from high medical expenses by covering a portion of your healthcare costs.
- Financial Assistance: If you’re considered a low-income individual, you’ll be provided additional support through financial assistance programs.
- Guaranteed Enrollment: If you qualify, you are guaranteed coverage regardless of your medical status or medical history.
- Coordination of Care: Medicare helps coordinate care between different healthcare providers, ensuring that you receive comprehensive and integrated coverage.
There are Various Medicare Plans With Comprehensive Coverage
Medicare Advantage is a popular coverage option because it bundles Medicare options A and B (and some Part D coverage) together into one plan, offering additional benefits and coverage for vision, dental, hearing, and prescription drugs. This allows individuals to receive their Medicare benefits through a private insurance plan with lower out-of-pocket costs and comprehensive coverage.
Medicare Supplements, also referred to as Medigap, is another popular option that provides supplemental coverage to Medicare beneficiaries and helps pay for out-of-pocket costs not covered by original Medicare plans such as deductibles, coinsurance and copayments. The differences between the two plans can often confuse people, so it’s important to carefully compare them before deciding.
The Key Differences Between Medicare Advantage & Medicare Supplements
| Features | Medicare Advantage | Medicare Supplements |
| Coverage | Also known as “Medicare Part C”, this all-in-one plan includes coverage from Medicare Part A (hospital insurance) and Part B (medical insurance) and possibly additional prescription drug coverage, dental, vision and hearing services. | Also known as “Medigap”, this plan works alongside Medicare Part A and B to pay for out-of-pocket costs such as copayments, coinsurance and deductibles. |
| Network | This typically has provider networks, meaning you may be limited to using doctors and hospitals within the plan’s network. | This plan does not have a network which allows you to see any provider that accepts Medicare. |
| Cost | This plan offers lower premiums but you may still be responsible for copayments, coinsurance and deductibles. | This plan typically has higher premiums, but it helps cover more out-of-pocket costs. |
| Flexibility | Advantage plans may have more flexibility in terms of coverage options and additional benefits, but you may be limited to using providers within the network. | There is more flexibility in provider choice but typically does not have additional benefits beyond what Original Medicare covers. |
| Prescription Drug Coverage | Most Advantage plans include prescription drug coverage, known as Medicare Part D. | This plan does not include prescription drug coverage so you’ll need to enroll in a standalone Part D plan if you require coverage. |
Medicare Agents Can Help Choose the Best Plan for You
There are many reasons to work with a Medicare agent, especially when it comes to deciding between Medicare Advantage or Medicare Supplement plans. They can help guide you through the complex healthcare system by helping you choose the best plan for you based on your budget, needs and preferences as well as save you much-needed time, money, and stress. They can also provide ongoing support and assistance with any questions or concerns you may have. This is precisely what our Wise Insurance agents do – guide you through the process with ease, educate you on each plan and the key differences and help make it easier to make a well-informed decision. We encourage you to book an initial consultation so we can get to know you and your specific needs today. We’re dedicated to helping you reach your Medicare goals. Or, if you have any questions, we’d be happy to help in any way that we can.
Emily Trevino, Senior Managing Partner at Wise Insurance, leverages her extensive background in biology and business finance to master Medicare, health insurance, and retirement planning. With over a decade in the field, Emily has co-authored “Medicare Breakdown – The Alphabet Soup of Medicare,” marking her as a pivotal figure in insurance education. Her commitment extends through active participation in the National Association of Benefits and Insurance Professionals (NABIP) and speaking at major industry events. Emily’s drive for community service and personal resilience shines through her adventurous pursuits and dedication to societal well-being. Connect with Emily on LinkedIn to explore the future of informed insurance decisions.
