Many people believe that Original Medicare is all they need to meet their hospital, medical, and prescription drug coverage needs… and that can be costly. Original Medicare doesn’t cover everything, and the remaining out-of-pocket costs for major procedures could be significant. That’s where choosing either a Medicare Advantage or a Medicare Supplement Plan offered by private insurance companies can help.

Medicare Advantage plans, also known as Medicare Part C, are an alternative to Original Medicare. They follow the same rules as Original Medicare but offer an “all-in-one” approach. They include hospital and medical coverage, prescription drug plans, and may include additional benefits like dental, vision, hearing, and a gym membership. You’ll pay the lowest plan rate by using an in-network provider, and some plans allow you to go out-of-network… but at a higher cost. Medicare Advantage plans limit your out-of-pocket payments for covered services, which helps avoid unexpected bills.

You could also opt to keep Original Medicare and add a Medicare Supplement Plan. Medicare Supplement Plans – also known as Medigap policies – are solely designed to cover costs that Original Medicare doesn’t. These plans cover copayments, coinsurance, and deductibles, and some even provide coverage for foreign travel. If you have Original Medicare and purchase a Medigap policy, Medicare will pay its part of a Medicare-covered service and then Medigap will pay its share. Although the benefits of most Medigap plans are standardized by state, costs vary depending on the insurance company offering them.

Which option provides the best combination of benefits and costs for you? We can help you make an informed choice. Call for a no obligation consultation today.