Introduction:

As you approach the age of 65, it’s important to start thinking about your healthcare coverage. Many seniors will turn to Medicare, the federal health insurance program designed for individuals 65 and older, but there are a few different options to consider within the program.

Two popular options are Medicare supplement plans (also known as Medigap) and Medicare Advantage plans. In this blog post, we’ll explore the differences between these two types of plans and help you decide which one might be right for you.

Medicare Supplement Plans:

Medicare supplement plans, or Medigap, are offered by private insurance companies and are designed to cover “gaps” in traditional Medicare coverage. For example, traditional Medicare does not cover all medical expenses, such as deductibles, copays, and coinsurance. Medigap plans are designed to help fill in those gaps, so you’ll have fewer out-of-pocket costs.

There are ten different types of Medigap plans available, labeled A through N. Each plan offers a different level of coverage, with Plan A being the most basic and Plan N being the most comprehensive. No matter which plan you choose, you’ll be able to see any doctor or specialist who accepts Medicare, and you’ll be able to get treatment anywhere in the United States.

One important thing to note about Medigap plans is that they do not cover prescription drugs. If you want prescription drug coverage, you’ll need to enroll in a separate Medicare Part D plan.

Medicare Advantage Plans:

Medicare Advantage plans, also known as Part C plans, are also offered by private insurance companies. Instead of filling in the gaps of traditional Medicare coverage, these plans provide all of your Medicare benefits (Parts A and B) through a private insurance company.

In addition to providing your basic Medicare benefits, many Medicare Advantage plans offer additional benefits, such as vision, hearing, and dental coverage. These plans may also include prescription drug coverage, so you don’t need to enroll in a separate Part D plan.

The downside to Medicare Advantage plans is that you are limited to a network of doctors and hospitals that accept the plan. If you see a doctor outside of the network, you may be responsible for some or all of the costs for non-emergency services.

Which Plan Is Right for You?

Deciding between a Medigap plan and a Medicare Advantage plan will depend on your individual needs and preferences. If you want the flexibility to see any doctor or specialist, and you don’t mind paying a bit more for that flexibility, a Medigap plan may be the right choice for you. If you’re looking for additional benefits, like vision or dental coverage, and you don’t mind being limited to a network of doctors, a Medicare Advantage plan may be the way to go.

No matter which plan you choose, it’s important to carefully review your options and choose the plan that will best meet your healthcare needs.

Rink Insurance Solutions can help assist you in making a decision and further explain your options. We are an independent brokerage located in Northeast Ohio, and specialize in Medicare. Our services are 100% at NO-COST to you so be sure to give us a call or submit the contact form to schedule your FREE consultation!