About Medicare supplement plans
According to the industry experts the traditional supplement plans are quite different from that of the Medicare Advantage plans. With supplements, the beneficiary is able to use the original Medicare card and also add up the supplement health card. The insurance providers supplement deductibles and gaps presented by Part A and B Medicare.
Having Medicare Part A & B, portion of the medical bill not paid by Medicare will be covered by the supplement plan. These do differ and hence, there is an urgent need to know exactly the portions that will be covered by the Medicare Supplement plans prior to enrollment. Premiums are to be paid for availing the supplement plan and it may exclude unfit individuals. But, they do offer broad access to good quality healthcare, especially when required the most.
About Medicare Advantage Plans
When compared to Medicare Supplement plans, Advantage plans are considered to be health plans offered by insurance providers having contracted Center for Medicaid and Medicare. Advantage plans can be availed by those having access to Medicare Part A & B. There are available specialized plans for those suffering from specific health conditions. However, beyond that scope, general plans cannot decline applications for specific reasons based on health.
Enrolling with the Advantage plan does not mean that the beneficiary will lose his Medicare coverage. Rather, they can cancel their Advantage plan and avail the original Medicare the following month. When enrolled with the Advantage plan, they need to use their insurance card and not the Medicare card.
Advantage plans similar to Medicare Supplement plans are not expensive, although many will require participation amount of Part B. However, Medicare plan does not come for free. CMS does make monthly contribution to the plan, rather than giving the tax money to original Medicare. It is in this manner that the bulk of plan gets paid from, which is from tax money.
Which plan to select for enhanced coverage?
So both Medicare Supplement plans and Advantage plans are not the same! Hence, it is the individual’s own preference and medical needs that should actually determine the type of plan to be availed. One crucial decision that any newly retired person is likely to make, which will impact his/her health and lifestyle, is the selection of appropriate Medicare health plan. Taking help of the qualified and experienced agent can help find a good plan which will fit perfectly the individual’s budget, lifestyle and medical needs.