Difference Between Medicare Advantage & Medicare Supplement Plans
Medicare Advantage plans (also known as “Part C”) and Medicare Supplement plans (also known as “Medigap”) are both options for individuals who are enrolled in Original Medicare (Part A and Part B).
Medicare Advantage plans are offered by private insurance companies and provide an alternative way to receive your Medicare benefits. These plans typically include additional benefits not covered by Original Medicare, such as vision, hearing, and dental coverage, and may also have lower out-of-pocket costs. However, with a Medicare Advantage plan, you must see healthcare providers that are in-network, and you may have to get referrals for certain services.
Medicare Supplement plans, on the other hand, are sold by private insurance companies and supplement Original Medicare by covering some of the out-of-pocket costs not covered by Medicare, such as copayments, coinsurance, and deductibles. These plans do not typically include additional benefits beyond what is covered by Original Medicare. With a Medicare Supplement plan, you can see any healthcare provider that accepts Medicare patients.
When choosing between the two options, it’s important to consider your personal healthcare needs and budget. Medicare Advantage plans may be a good choice if you’re looking for additional benefits and lower out-of-pocket costs, while Medicare Supplement plans may be a better choice if you want more flexibility in your choice of healthcare providers.
It’s also important to note that you must have Medicare Part A and Part B to enroll in a Medicare Supplement plan and you must have Medicare Part A and Part B and live in the service area to enroll in a Medicare Advantage plan.
Both options have open enrollment period and specific timing, it’s important to research and compare your options carefully before making a decision.
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