Medicare Supplement and Medicare Advantage Insurance Simplified

What are medicare supplements are available and what are the advantages of signing up?

The web of medicare health insurance can be a complicated and sticky one but when it comes to your health, nothing is more important. If you are of the retirement age and already have medicare, you probably know that medicare doesn’t cover everything.

That’s where Medicare Supplement or Medigap Insurances comes into play. This type of coverage is aptly named because it literally fills in the gaps that medicare doesn’t. And what are those gaps exactly? Things like coinsurance, copayments and deductibles. Unfortunately, those expenses can add up quickly, especially if you find yourself frequently visiting the doctor.

In addition to enrolling for Original Medicare, you’ll want to consider getting a Medicare Supplement Insurance plan so you don’t get stuck paying those coinsurance, copayments and deductible fees. Purchasing a Medicare Advantage Plan is also an option.

A Medicare Supplement plan will cover those gaps we mentioned earlier. Meaning, you’ll still have an Original Medicare plan but you’ll also have the Medicare Supplement plan to cover the additional costs that your Original Medicare does not. Unfortunately, these supplement plans do not include additional benefits like dental or vision and you’ll also need to seek out a Part D Prescription Drug Plan.

If you typically deal with a lot of prescription costs or want additional dental and vision benefits, consider enrolling in a Medicare Advantage plan, which will cover ALL your medical costs. With this kind of plan, you don’t need an Original Medicare plan because a private company will be handling all your medical costs. Medicare Advantage plans offer a few more options, many of which also include prescription drug coverage and the added benefits of dental, hearing, and vision.

Based on your individual healthcare needs, one or the other may be more beneficial to you. Although it can be a time consuming and difficult process to soak up all the information on medicare plans available, it’s important that you review all your options before choosing one to ensure you get the best coverage plan for your lifestyle and budget.

Employee Benefit Design can help walk you through the web of medicare while providing you with all the information and counsel you need to make an educated decision that you won’t regret later. Give us a call today or take a moment to fill out this form for a free quote.