Two of the most popular choices for person-aged Medicare benefits are Medicare Advantage or Medigap insurance policies. Medicare Supplement Insurance (or also known as Medigap} is purchased in addition to Medicare Parts A and B, to be an additional payer. The primary advantage of choosing Medicare Supplement Insurance is that you get more choices for the coverage you need. Although Medicare Supplement Insurance will typically pay the same percentage of your doctor’s office visit as your Medicare Parts A and B plan does, it also covers items like:
Part A – Items covered under Medicare Parts A and B. Medicare Advantage Plans can cover other items not covered under Medicare Parts A and B, though generally at a higher premium than what Medicare Parts A and B cover. The items covered under Medicare Advantage Plans are usually selected based on the medical history of the applicant, or a standard premium rate. Some private insurance companies offer their clients a choice between Medicare Advantage Plans and traditional Medicare. Although some states require insurance companies to offer at least some Medicare Advantage Plans, most private insurance companies choose to offer at least some Medicare Advantage Plans.
Part D – The Medicare prescription drug plan. This plan offers prescription drugs, including Medicare Part A drugs, as well as other medications and devices that have been authorized by the United States government. Participating private insurance companies are required to participate in Medicare Part D plans 2022; however, not all private insurance companies offer this plan. There are three different classes of Medicare Advantage Plans. These include:
Medicare Part D Deluxe – Part D plans cover the same items as original medicare. The only difference is that benefits above the “basic” Medicare benefit are provided. These extra benefits can include: gym memberships, travel insurance, adult day care, etc. Some additional options may also be available depending upon the state you live in. For example, in Michigan, there is a choice between extended service for vision and dental care, and extended service for hearing problems.
Medicare Part C – Confused about what this insurance provides? Medicare Part C is the supplement to Medicare benefits. Part C covers additional health care benefits that Medicare cannot afford. Medicare Part C does not cover ongoing medical care, but does provide coverage for some specified hospital stays, which Medicare normally does not cover. For example, Medigap plans cover coverage for emergency room visits.
If you need more benefits than Medicare can provide for your needs, you should consider Medicare Part D and Medicare Part B. These two programs cover prescription drugs, durable medical equipment, certain hearing aids, vision care, and regular dental care. Medicare Part A and Part B must be renewed periodically; if you have Medicare part a, your coverage will automatically end upon reaching the age of 65. To maintain your Medicare coverage, you must enroll in Medicare part A, or open a Medicare Advantage Plan. An advantage is a special type of insurance plan that offers a customized selection of Medicare coverage options.