Two of the most popular choices for individual Medicare benefits are Medicare Advantage or Medigap Insurance plans. Medicare Supplement Insurance (or Medigap) is usually purchased to be an additional payer to the original Medicare ( Parts A and B).
This is the fastest growing category of Medicare recipients. Medicare Advantage Plans are typically selected based on their premiums, deductibles, doctor visits, and health status.
Medicare Supplement Insurance plans may cover some or all of your out of pocket expenses. Medicare Part A is the program that covers policies that are required by the federal Medicare Health Insurance Program, which is expanded upon by Medicare advantage plans 2022. Medicare Advantage Plans are normally selected based on the coverage they afford, deductibles, and physician visits. If you currently have Medicare Parts A and B, you may want to consider Medicare Advantage Plans.
Many times, you will find that a Medicare Supplement insurance policy will pay for almost everything related to your hospital or medical bills, even your emergency care. Medicare Advantage Plans will pay the balance of your bill after a deductible has been met. However, the bottom line is that Medicare Supplement insurance policies do not cover anything that a Medicare primary insurance policy would.
When searching for a low cost medigap insurance plan, it is best to compare quotes from a variety of insurers. These insurers can be found online by doing a simple search using the key words, “medigap insurance”. You will be able to specify the year you are looking for a quote and the time period in which you wish to receive your quotes.
In addition to searching online, you may also want to call several insurers and request free quotes. Doing this over the phone can provide you with valuable information, including premiums and discounts offered by each company.
There are several different types of medigap insurance plans available. Each one varies slightly in terms of their coverage, so it is important that you carefully review the policies and coverage options before making your final selection. The most common plan type is a standardized Medigap plan.
This plan type covers you for both inpatient and outpatient hospital stays, depending on the plan type. In some instances, hospitalization benefits may also be included as part of the standard package.
Medicare Supplemental Coverage Plan options also vary. Some Medigap carriers will offer additional benefits such as extended coverage for prescription drugs, vision care, dental care, hearing aids, hospice care, and complementary medicines.
While the vast majority of Medigap carriers offer additional benefits, it is important to understand exactly what options are available and which carrier will offer the best coverage. An experienced consultant can help you select the right plan type, as well as help you understand the differences among the different Medigap carriers.