Powered by IVHP


Money & Medicare: News

 

The Difference between Medicare Advantage Plans and Medicare Supplemental Plans (Medigap)

By: Inter Valley Health Plan





When choosing the correct Medicare plan for you, it is important to understand the distinct differences between Medicare Advantage Plans and Medicare Supplemental plans (Medigap). While both plans offer coverage for medical costs, they are very different, and it is important to consider your specific needs and financial situation before making a decision.

With a Medicare Advantage plan you are stepping away from the original Medicare part A and B. These plans are run by private HMO’s, PPO’s or other private fee-for-service companies approved by Medicare. While these plans must still cover all of the same services that Medicare part A and B do, they can do it at a different and often cheaper cost.

A few things to keep in mind when considering a Medicare Advantage plan are that they may require you to see a specific PPO provider for in-network coverage and they may also require a referral to see a specialist. Also, you will still have to pay your Medicare part B premiums. Most Medicare Advantage plans have no additional premium charge, but the ones that do usually have extra benefits, such as, vision and dental coverage. The plans often include prescription coverage and some even offer gym memberships.

With a Medicare Supplemental Policy or Medigap Policy you are choosing to keep your traditional Medicare part A and B coverage but purchasing a secondary coverage to fill in the gaps. The gaps being any deductibles, coinsurance or copayments that Medicare does not cover. Healthcare providers will bill Medicare primary and the Medigap policy secondary.


Medigap policies can be purchased from any insurance company that is licensed in your state. Subscribers often pay them a premium in addition to their Medicare part B premium. These policies are renewable at the same rate even if a new health problem arises, but they usually do not cover long-term care, prescription, vision or dental. Prescription, also known as Medicare part D, benefits can be purchased separately. One of the main benefits of a Medigap policy is that you still have your traditional Medicare coverage so you can choose to see any physician in any network that you choose and no referral would be required.

Also know that you can change your mind if you purchase a Medicare Advantage Plan or a Medigap policy and decide that it is not right for you, but you cannot have both plans at the same time. It is against the law for insurance companies to sell you a Medigap plan while you are still covered under a Medicare Advantage plan. Be sure to thoroughly research any coverage and insurance company before purchase.

Article From Inter Valley Health Plan

 





Medicare Annual Enrollment Is In Full Swing - 3 Things You Shouldn't Forget

Inter Valley Health Plan




Medicare's Annual Enrollment Period: Top 3 Questions Answered

Inter Valley Health Plan




Protect Yourself From These Top Scams

Inter Valley Health Plan




Your Medicare Advantage Open Enrollment Checklist

Inter Valley Health Plan




Thinking Of Switching Medicare Health Plans? 4 Things to Consider

Inter Valley Health Plan




Get The Most Out Of Your Medicare Advantage Plan: Use This 7-Point Checklist

Inter Valley Health Plan




4 Ways To Manage Your Money This Holiday Season

Inter Valley Health Plan




Top Medicare Enrollment Resources at Your Fingertips

Inter Valley Health Plan




Medicare Open Enrollment Terminology You Need to Know

Inter Valley Health Plan




Top 3 Tips to decreasing Risk of Online Fraud

Inter Valley Health Plan




Medicare Enrollment Countdown - 3 months to go, 3 things you need to know.

Inter Valley Health Plan




Break Down Retirement into 4 Manageable Steps





New to Medicare: 5 Helpful Steps to Get Started





Medicare 101: The Basics
Your first step to choosing a Medicare plan is knowing what your choices are.

www.grandparents.com




Organizing a Food Swap for Your Community

Inter Valley Health Plan




The Challenges of Retirement Planning for the Baby Boomer Generation

Inter Valley Health Plan




5 Easy Tips to Save Money

Inter Valley Health Plan




Protect Your Identity Against Mail Fraud

Inter Valley Health Plan




Senior Discounts

Inter Valley Health Plan




Things to Consider When Budgeting on a Fixed Income

Inter Valley Health Plan




How Long to Keep Your Documents

Inter Valley Health Plan




Guidelines for Proper Tipping

Inter Valley Health Plan




Health Care Scams and Schemes You Should Know

InterView Magazine




Homemade Strawberry Jam Recipe

budgetsavvydiva.com




Make Your Own Jewelry Holders

Inter Valley Health Plan




The Difference between Medicare Advantage Plans and Medicare Supplemental Plans (Medigap)

Inter Valley Health Plan




Save More Money Using the Internet

Inter Valley Health Plan




Top 10 Scams

www.ncoa.org




Considering Retirement?

Inter Valley Health Plan