Two of the most popular choices for individual Medicare coverage are Medicare Supplement Insurance and Medicare Advantage Plans. Medicare Supplement Insurance is sold as a standalone policy, and Medicare Advantage Plans are selected based on the specific coverage needs of an individual.
Essentially, Medicare Supplement Insurance is intended to fill in the gaps left behind by Original Medicare coverage, while Medicare Advantage Plans are intended to complement, and in some cases even supplement, the primary coverage provided by Medicare. There are a few important facts about these two choices that are important to understand before choosing either one.
Medicare Supplement Plans 2022 can be selected to offer coverage for almost any condition, and there are no age restrictions. Medicare Advantage Plans are available to individuals who would not be eligible for Medicare Parts A or B if they were continuing to receive their coverage through an employer, and there are no restrictions on the type of coverage an individual can select.
Some Medigap policies also accept Medicare Part D prescription drug coverage. Many Medigap policies do not cover other optional Medicare benefits, such as vision care, dental care, hearing aids, and cholesterol and blood pressure medications.
In order to qualify for Medicare Supplement insurance, a patient must meet the following requirements: be of normal mental health, not be in extreme mental health, and have not earned back a Medicare rebate within the past three years. Medicare Advantage Plans are not subject to the same guidelines as Medigap policies. For example, a Medicare Advantage Plan can cover the same hospital expenses as a standard Medigap policy, but premium payments can be higher. The same is true for Medigap policies. Premium amounts for Medicare Supplement policies are generally lower as well.
There are a number of circumstances where it may be preferable to take out both a Medicare Supplement Plan and/or a Medigap Insurance Plan instead of relying on the original Medicare coverage. One of these reasons could be that you or a family member has difficulty affording the standard Medicare benefits. Another reason might be that the original Medicare benefits have been reduced or eliminated for one reason or another.
For example, if you became injured and missed several months of work due to a car accident, you likely would have missed out on the Medicare Supplement coverage and would have had to pay the full amount of the Medicare cost right then and there without any additional help. However, under the terms of a medicare advantage plan, this is not possible.
Medigap plans offer a number of different options, such as the “Medigap Double” plans, which cover two people with the same amount of coverage. Also available are the “Medigap Single” plans which cover an individual with one primary care physician and any necessary out-of-network providers.
Another type of Medigap Insurance Plans is the ” Medicare Part D ” Plans. These plans were made for those who are considered to be in their fifties or later middle years and are required to have Medicare coverage. In order to take advantage of these options, you must have the original medicare coverage.