Making Medicare Manageable
Medicare Products
Uses
Medicare Supplement Plans
Original Medicare Part A (Hospital Insurance) & Part B (Medical Insurance) as primary insurance. MediGap becomes secondary coverage to fill the 20% gap in coverage that you are responsible for.
Include Prescription Coverage?
Medicare Supplement Plans
No - You MUST have minimal essential prescription coverage to avoid premium penalties and will therefore need to also pick a Part D Plan.
Premiums
Medicare Supplement Plans
Yes – there are annual premiums associated with a MediGap policy that you are responsible for paying to maintain coverage.
Co-Pay
Medicare Supplement Plans
Little to None.
Out of Pocket Expenses
Medicare Supplement Plans
None - other than the annual premiums for the policy.
Networks
Medicare Supplement Plans
No - You MUST have minimal essential prescription coverage to avoid premium penalties and will therefore need to also pick a Part D Plan.
Other Things to Know
Medicare Supplement Plans
All carriers of this plan offer uniform benefits. Plan F with one company is EXACTLY the same as Plan F with another company. The ONLY difference is the premiums they charge.
Guaranteed renewable.
Uses
Medicare Advantage Plans
Instead of original Medicare, you will receive Hospital and Medical insurance from a private company which doubles as both your primary AND secondary coverage. By choosing a Medicare Advantage Plan, you are opting out of original Medicare.
Include Prescription Coverage?
Medicare Advantage Plans
Most Plans - This is an "all-encompassing" plan comprising of parts A (Hospitalization), B (Medical), & D (Prescription Plan).
Premiums
Medicare Advantage Plans
Little to None – Depending on your geographic location, there could be minimal monthly premiums associated with a Medicare Advantage Plan.
Co-Pay
Medicare Advantage Plans
Yes - Anytime you use this plan, you will receive a bill. Depending on your geographic area, there can be up to a $6,700 max out of pocket expense.
Out of Pocket Expenses
Medicare Supplement Plans
Yes – depending on your geographic location, there can be up to $6,700 that you would be responsible for out of your pocket.
Networks
Medicare Supplement Plans
Yes - Only a select number of doctors accept this plan.
Other Things to Know
Medicare Supplement Plans
May include additional Dental, Vision and Hearing benefits.
Not guaranteed, changes yearly.