Medicare Insurance Plans

Medicare insurance plans will provide health insurance coverage for individuals who are Medicare eligible. Original Medicare Part A and Part B are provided by the government, but have a lot of out of pocket costs. Medicare insurance plans are a way to get better coverage than what the government offers. There are different Medicare plans depending on what is important to you and what your medical needs are.

What Types of Medicare Plans Are There?

There are two types of Medicare insurance plans: Medigap and Advantage. There are pros and cons for each. Both types of plans have great things to offer, it just depends on what is most important to you.

Medicare Medigap Supplement Plans

A Medicare Medigap plan, also known as a Medicare supplement, helps cover medical costs that original Medicare Part A & B don’t cover. Your Part A and Part B coverage still remains your primary coverage and your supplement Medigap plan is secondary and minimizes your medical costs. Since Part A and B are the primary coverage, you can go to any doctor or facility across the country that takes Medicare. There are no additional network or doctor restrictions with the Medigap supplement plan.

Medicare Advantage Plans

A Medicare Advantage combines all of your Medicare coverage into one plan. Instead of having Part A, Part B, and a Medigap supplement; a Medicare Advantage plan combines it all into one policy. Have a Medicare Advantage plan can sometimes be more simple and at a lower monthly cost. However, most of these plans will have a smaller local network of doctors and hospitals you can use. Advantage plans will also have a deductible and max-out-of-pocket which can potential create a higher financial liability for you if you started having more medical bills.

What is the Best Medicare Plan?

Which Medicare plan is best depends on what is important to you. As far as monthly cost, Medicare Advantage plans can be a lower price than a Medigap supplement plan; but the Advantage plan can also leave you with higher out of pocket medical costs. With a Medigap supplement, you get the same coverage and network across the entire county, but with an Advantage plan your network of doctors and facilities is more localized to your home area. To get the best Medicare plan for you, it’s always recommended to work with a licensed, certified, and trusted health insurance agent at no additional cost.