Transitioning to retirement can seem daunting, especially when trying to navigating the complexities of Social Security and Medicare. Most people often wonder..
Medicare Supplement (Medigap)
As the name suggests, Medicare Supplement Plans “supplement” Medicare, so they are not Medicare Plans in and of themselves and they don’t really provide health care coverage themselves. Medicare supplement insurance plans help to pay some of the out-of-pocket costs that come with Medicare, like deductibles and coinsurance.
They can only be used with Original Medicare, not with Medicare Advantage. Plans are standardized by the federal government. There are 10 plans labeled with letters – Plan G, for example. Every plan of the same letter provides the same benefits, no matter what insurance company offers it.
Medicare Advantage Plans
Medicare Advantage plans are an alternative to Original Medicare and offer another way to get your benefits. Although you are still in the Medicare program, the plan contracts with Medicare to administer your benefits. Plans are offered regionally, often in a county or state, by private insurance companies.
As an ‘alternative’ to Medicare, Medicare Advantage plans must provide all the benefits that Original Medicare does. Plans combine Part A and Part B coverage into one package. Most Medicare Advantage plans include prescription drug coverage, or Part D. Typically, Medicare Advantage plans work to reduce the Part A and Part B copays/coinsurance, while also offering additional benefits including coverage for dental, vision, or hearing care as well as wellness and fitness programs. The result is an all-in-one plan similar to what you may be used to having through an employer.
Having your Medicare plan tailored to your situation is something we take seriously at Wasatch Benefits Group. If you have any questions in regards to additional insurance needs please ask us about any of the following: