Find out the difference between Medicare, Medigap, and Medicare Advantage Plans.
Get online quotes for 2023 at Medicare insurance Plans. For a private conversation about your particular needs, please contact us.
Medicare is a Government sponsored and administered medical plan for people over 65 years of age and people with certain disabilities. It offers two Parts, which are:
Part A helps with hospitalization. There are deductibles and copays. You can find these costs at Welch Insurance Part A which helps to pay for:
- In-patient care in the hospital
- Semi-private roomsMealsGeneral nursingDrugs (including methadone to treat an opioid disorder)
- Other hospital services and supplies as part of your in-patient treatment.
- Skilled nursing facility
- Hospice care
- Home Health Care
- Covers medication in the hospital.
Part B helps pay for outpatient services. You can find your cost at Welch Insurance Part B which helps pay for:
- Medically necessary services: Services or supplies that are needed to diagnose or treat your medical condition and that meet accepted standards of medical practice.
- Preventive services: Health care to prevent illness (like the flu) or detect it at an early stage, when treatment is most likely to work best.
Some of the things covered by Medicare Part B
- Clinical research
- Ambulance services
- Durable medical equipment (DME)
- Mental health
- Limited outpatient prescription drugs
Medigap is also called Medicare Supplement Plan, which are sold by independent insurance companies, to help cover your cost of Medicare Part A and Part B, however, you do need to get a separate Part D drug plan. If you or your spouse has paid into Medicare through Social Security for 10 or more years you will not have a premium. There are typically 10 plans available in most states. Each plan is designated by a letter A through N. Each plan with the same letter must give the same coverage, however, there can be as much as over $100 a month premium difference between companies.
Medicare Advantage Plans which are sold by independent insurance companies, can have a monthly premium as low as $0. They replace the benefits of Medicare Part A and Part B and may offer additional benefit coverage such as:
- Medical with a maximum-out-of-pocket
- May include Part D drug plan.
- May include additional benefits such as:
- VisionDentalOver the counter ItemsFitness programs
- And more
There are six types of Medicare Advantage Plans.
HMO (Health Maintenance Organization)
PPO (Preferred Provider Organization)
PFFS (Private Fee For Service)
SNP (Special Needs Plans)
MSA (Medical Savings Account)
HMO-POS (HMO-Point of Service)
Get online quotes for 2023 at Medicare insurance Plans. For a private conversation about your particular needs, please contact us.
Conclusion:
Deciding between a Medigap plan and a Medicare Advantage plan is an important decision and one you should take the time to research. Medigap plans are standardized, regardless of the company, they must give the same coverage but can have different monthly premiums between companies. Medicare Advantage plans are private health insurance plans that give different coverage and have a network of providers you must stay in. You should think about your budget and your needs.
