When you are enrolled in the Medicare Advantage plan, you are in the Medicare program as well. In order to sign up for Medicare Advantage plan, you much have Medicare Part A and Part B plans. If you enroll in the Medicare Advantage plan, instead of going through the federally administered program, the Medicare Advantage plan replaces your original Medicare coverage. Premiums can be as low as $0 a month for Medicare Advantage plans but you will still have to pay for Medicare Part B monthly premiums.
Medicare Supplement plans vary with their coverage and may cover parts of Part A and Part B out-of-pocket costs, such as deductibles, copays, and coinsurance. Medicare Supplement insurance plans may help with other costs like Part B excess charges or emergency medical coverage when traveling abroad but don’t cover prescription drugs, vision, dental, or hearing coverage beyond what is included in Medicare.
Medicare Supplement plans are standardized by letters. You will get the same benefits for Medicare Supplement coverage within the same letter category no matter what insurance company you choose to go through. Depending on the company you purchase from and where you are located, each company will have different premium costs. If you live in Minnesota, Massachusetts, or Wisconsin, those three states standardize their Medicare Supplement plans differently.
Both plans are available from private insurance companies but it’s important to make sure you have the right coverage for you. Open enrollment is 10/15 – 12/7. Don’t wait to decide what plan is right for you. Start enrolling in the Medicare program during open enrollment. We are experts in this field and are able to match you with the plan that best fits your situation and specific needs. Contact us today for a free consultation.