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WHAT IS THE DIFFERENCE BETWEEN MEDICARE ADVANTAGE AND MEDICARE SUPPLEMENT PLANS?

Introduction:

Medicare Supplement plansOriginal Medicare does not cover all of your healthcare expenses. Two choices are usually used to add-on more coverage to your Original Medicare to cover your healthcare expenses not covered by Original Medicare.  One is the Medicare Advantage Plan, and the other is the Medicare Supplement Plan. Medicare Advantage plans are those plans which offer the coverage the same as Medicare Part A, B, and D as well as it also provides some additional benefits and coverage. It is an alternative way to obtain Original Medicare benefits and coverage. Medicare Supplement Plans known as medigap. are the plans that cover the gap between Original Medicare and your actual healthcare needs. They work along with your Original Medicare. Both methods are quite different from one another. Though, one thing that is common in them is that both plans are presented via private insurance companies. Usually, the enrollment in both Medicare Advantage plan and Medicare supplement plan is not possible at the same time.

 

Difference between Medicare Advantage Plan and Medicare Supplement Plan:

While evaluating add-on or supplement to your Original Medicare, you have to recognize the difference between Medicare Advantage Plans and Medicare Supplement plans based on their benefits, costs, coverage, and their working procedure.

 

  1. Medicare Supplement Plans:

Medicare supplement plans may provide coverage for out-of-pocket expenses, i.e. coinsurance, copayment, and deductibles, not covered under Original Medicare.  The excellent time for their enrollment is open enrollment period as in this period you can get certain benefits and guaranteed coverage for your out-of-pocket expenses.

Cost of Medicare Supplement Insurance Plans:

There are ten different types of Medigap plans labeled as Plan A, Plan B, Plan C, Plan D, Plan F, Plan G, Plan K, Plan L, Plan M, and Plan N. The federal government standardizes all these plans. However, the cost for all these plans may vary with geographic location and insurance companies. Also, prices may differ based on your age at the time of enrollment and coverage type that you want to acquire. If you want more coverage, then you have to pay more for it. Similarly, if your age is more at enrollment time, then more premiums will be charged for it. Likewise, for a high deductible plan, a low premium is charged.

 

Benefits of Medicare Supplement Insurance Plans:

These plans are considered a good fit because of the benefits they provide:

  • It offers coverage for out-of-pocket expenses.
  • It provides coverage for traveling anywhere you travel.
  • It is a good fit for you to cover deductibles, coinsurance, and copayment not covered under Original Medicare.
  • It provides relief and peace of mind.
  • It offers financial stability to cover your healthcare benefits.
  • No reference is required to see any desired specialist.

How do these plans work?

Medicare Supplement Insurance plans provide coverage for out-of-pocket expenses not covered under Original Medicare. Consequently, they charge a premium that is an extra amount from what you already pays as a premium for Medicare Part A, B, and D.

  1. Medicare Advantage Plan:

 

Medicare Advantage Plan is the plan offered by private insurance companies that is an add-on to the Original Medicare. These plans cover everything covered under Medicare. Also, it provides coverage for those healthcare expenses not covered under Medicare. The excellent time for its enrollment is the open enrollment period. You must enroll in Medicare Part A and B to be eligible for enrollment in Medicare Advantage Plans.

 

Cost of Medicare Advantage Plans:

Medicare Advantage Plans have different types of Health Maintenance Organization (HMO), Special Needs Plan (SNP), Preferred Provider Organization (PPO), Medical Saving Account (MSA), and Private Fee-for-Service (PFFS). Their costs may vary with the type of plan and insurance company. So, you have to shop around for searching for a good plan for you at an affordable cost.

Benefits of Medicare Advantage Plans:

These plans are the best fit for you due to the benefits they offer:

  • They provide coverage for hospitalization, medical, and prescription drug.
  • They provide add-on coverage for vision care, dental care, hearing, and transportation for a doctor or hospital visit.
  • They offer more coverage at a low cost.

How do these plans work?

Medicare Advantage plans to provide more coverage for expenses at a low cost. These plans cover everything covered in Medicare Part A, B, and D as well as offer some extra benefits. Consequently, they charge an advantage premium besides the premium for Medicare Part B that an individual already pays.

Can Both Plans be used At the Same Time?

The Medicare Advantage and Medicare Supplement plans work separately. You cannot use both methods at the same time. You have to drop one plan to adopt another one. If you get enrolled in the Medicare Advantage Plan, then it would be illegal for the private insurance company to sell you Medicare supplement plan. It would be legal only in one situation, i.e. you display your written proof that you are dropping your Medicare Advantage Plan. To cut or cancel any plan, you have to contact your insurance company that will help you with the cancellation project.

Which Plan is the Best Choice?

To add-on or supplement your Medicare coverage, you have to pick one of two plans, i.e. either Medicare Supplement Plans or Medicare Advantage Plans. The selection of one method is quite a significant and challenging decision. However, whether to pick a Medicare Advantage Plan or a Medicare Supplement Plan depends on your healthcare needs and your anticipated healthcare expenses.

If you have more medical and health issues, and you have to pay a lot of anticipated out-of-pocket medical expenses, then the Medicare Supplement Plan is the best choice. Though it charges a high premium, but it provides more coverage to cover your out-of-pocket healthcare expenses and give you a relief and peace of mind for your healthcare coverage. Conversely, if you have fewer medical and health issues, and you have to pay less anticipated out-of-pocket medical expenses, then the Medicare Advantage Plan is the best choice since it charges a low premium and provides more coverage to cover your prescribed drug expenses and save your money.

Bottom Line:

The Medicare Advantage and Medicare Supplement plans both are good as both of them provide some add-on benefits to you with your Medicare. Medicare Advantage Plan covers what the actual Medicare offers as well as provides some additional coverage to you for your health expenses. However, Medicare Supplement Plan provides coverage for out-of-pocket costs that are not covered by Medicare. You can select the best one according to your healthcare needs and preferences to meet your medical expenses. So, determine your healthcare needs and pick the option that best fits and fulfills your needs.

 

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Best and Most Popular Plan: Medicare F Supplemental Plan

Medicare supplement plansThe Medicare F Supplemental Plan remains by far the best and most popular plan. Most older people who buy complementary insurance choose this option, knowing that they will rarely pay for medical or hospital services. There are virtually zero out-of-pocket costs for any medical service when covered by the plan f. There are other popular plans, although they may not offer the best coverage.

Although Original Medicare insures most health care needs, it was not formulated to insure all of your health care costs. As you can clearly visualize, there are lots of “gaps” in the coverage that you are responsible for paying. For this reason, many people buy Medigap or Medicare supplement insurance. These 2 terms: Medicare Supplement and Medigap are used interchangeable, and they describe exactly the same insurance. Many Medicare Supplement Plans will deduct your deductible & co-payment from the Hospital, and also your deductible Part B and 20%. Get rates for Medicare supplement plans.

Medicare supplement policies are the perfect solution for senior citizens who need a lot of medical services or are fed up with making payments for copays for all their health care needs. Though Plan F may be the most popular plan available, Plan N should be considered if it has a tight budget. Remember that you can still visit any doctor or hospital as long as they accept the original medication.

There are many reasons why older people are changing from benefit plans to drug supplement plans. Some are tired of paying co-payments, others have hospitals and doctors who do not accept the plan any longer, and some have insurance firms who no longer offer insurance in their area. Whatever the reason may be, they should feel comfortable knowing that Medicare supplement insurance offers superior coverage most of the time.

For most people, this is exposed to 20% of medical bills, which is the scariest part. A test battery can cost a small fortune. If you need physical therapy or rehabilitation, these visits twice a week, at a cost of 20% for you, really increase. Add the possible hospital Part A deductible of $1,132 per visit, and you are looking for a medical bill. For this reason, most people want to fill these gaps in coverage.

Medicare Supplement Plans provide superior insurance to Medicare Advantage policies, so many elderly citizens plan to make the change during their next period of annual enrollment. However, taking a decision to return to the original drug and supplement coverage is not enough, you must also take a decision on which drug supplement plan you would like to buy. This can be a difficult decision considering that there are many options.

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Kinds of Short Term Health Insurance

Insurance is an agreement between you and the insurance company to provide funds, if needed, to pay for various misfortunes that may affect your life. Short Term health Insurance companies protect various situations and make their money, when they aren’t paying for someone’s calamities, but keep collecting the monthly premiums and increasing them each year. Get cheap rates for short term health insurance.

There are various protection plans and sometimes it seems we are becoming insurance poor. We need car insurance in case of an accident, especially if there is another person involved and does not have insurance. We also need home insurance to protect ourselves, as well as, all our personal property inside of the house. If we should have the misfortune to have a fire in our home, we will be compensated for the loss of our belongings and the damage to our home. Depending on what your policy covers, you may also have to live in another place and the insurance will pay for this rental. Another coverage of home insurance is protecting your wealth if someone should fall and get hurt on your property. This can result in being sued and the need for this home insurance policy will be very essential.

Now we come to health insurance, which by far, can be the most important. We never know what is really going on inside our bodies and when a disease or illness will strike. Finding a good health insurance policy to put our minds at ease, may be a daunting task. We really need to be diligent in finding the right plan for our medical needs. Some people may have pre-existing medical conditions and may find it difficult to acquire health insurance. Obamacare was to take care of this and provide medical insurance for all people.

When you become employed, your employer may provide health insurance as a benefit and this is great. Only problem is it may not cover all the conditions you may need, but you are obligated to take this insurance. The employer may pay a portion of the premium and you will be responsible for the remaining part. If your spouse also works and has a better insurance plan, you can opt to take their plan instead of your employers. This may give you better coverage on certain medical conditions that affect you. One cannot forget to pay these monthly premiums as this will end your policy and you will no longer be covered. We must be diligent in paying all insurance premiums to protect us from what could be financial disasters to our family.

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Comparison of Medicare Advantage plans

Comparison of Medicare Advantage plans

There is more to determine your actual cost than finding a plan with the lowest premium. And if you really think about it, money should not be your first priority when comparing plans. When comparing Medicare benefit plans, you should know what features are the most important to consider. This includes the Summary of Benefits, the Provider Directory and the Part D formulary (for drug coverage plans).

The Summary of Benefits goes well beyond the literature highlighted in the application kit. You can find out what your costs will be for any covered service. With this information, you can evaluate how you use health services while evaluating your current health to estimate your annual costs. The open enrollment period for Medicare Advantage plans and prescription drug plans for 2011 is November 15 to December 31, 2010. You can find hundreds of different types of these plans across the country, with different coinsurance, franchises and prizes, so the posters are doing you some help by making early purchase.

As of 2011, you will no longer have the traditional time period from January 1 to March 31 which you can make additional changes after registering. This makes it even more important to compare all your options. Less applicants for MA-PD will be in plans without adjudication in 2010 than in 2009 if they remain in their plans. However, a non-premium plan may not really provide the best value for subscribers because direct fees are affected by a combination of cost-sharing requirements, premiums, and covered benefits.

Beneficiaries who choose to stay in the same Medicare Advantage policy in 2010 can expect an average premium increase of 32%, although the magnitude of the increase obviously varies from one plan to another. Therefore, beneficiaries may be interested in reviewing and comparing the coverage of their health care options, while considering provider networks, premiums, cost-sharing, benefits, and to select the most appropriate option to meet their separate needs and circumstances. Select Medicare advantage plans and enroll.

The Centers for Medicare and Medicaid Services (CMS) recently published information about plans that will be available in 2010. On average, Medicare beneficiaries will be able to choose from more than 30 Medicare Advantage plans in 2010, some will have up to 73 different plans to choose from. Your area The combination of plans offered will change as operators respond to current and anticipated program changes. Companies that leave the PFFS market continue to offer coordinated assistance plans (mainly HMOs) and new plans of various types. Some companies, such as Kaiser Permanente, will not make changes to their offers in 2010. Kaiser Permanente will continue to offer health plans and costs policies.

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Affordable Medicare Advantage Plans

Affordable Medicare Advantage Plans

Medicare Advantage plans Many Advantage policies do not cost a dime for people who are above the age of 65 who are already signed up to Part B of Medicare, and they have access to a cheaper way to afford all medical fees that they will encounter. Part A & B coverage of Medicare and additional benefits are combined in Medicare Advantage (Part C) plans. Most of these plans will also include insurance for prescription drugs or Medicare Part D. If you want to apply for one of the available Advantage plans which private companies offer, you can do so if you already have or if you are eligible for regular Medicare insurance. You will not need all three coverage or Medigap coverage if you enroll in Plan C.

When you buy a health care plan, you will find that insurance companies will charge higher fees for these extra services. You can have some savings by enrolling for a policy with https://www.medicareadvantageplans2020.org and get more covered benefits. Because a lot of persons cannot pay for the huge cost of supplemental coverage, benefit policies will provide an affordable alternative. Now, these policies require an affordable monthly premium so long as the beneficiary of the policy will subscribe to health care providers in a defined network and share some of the services. The plan you will choose out of the various kinds of policies will depend on your personal medical needs, how much you can pay each month, and how you comprehend the stipulations established by the individual insurance plans available in your state.

Advantage plans also come with the option of allowing Part D or Prescription Drugs to plan their policies so they can take advantage of coverage and other benefits. Medicare Advantage plans require private companies to meet or exceed the benefit standards provided by Parts A and B of the original Medicare program. As they offer their services to the public, it is better to expect them to have something more to offer so that people are inclined to enroll in your company.

With the dizzying costs of health care patients and the federal government, they are beginning to reflect on exactly how they will handle the costs of their health care obligations. In fact, as the current system approaches collapse, most are considering a private insurance company to handle their affairs. Currently, Medicare Part C plans are the perfect solution for all drug recipients, the federal government partially sponsors them to help reduce costs.