Medicare Supplement, also known as Medicare Part C, is a popular topic of conversation among seniors. For many years, Medicare Supplement has been considered free for seniors with Medicare. In recent years, due to rising costs and decreased coverage options, it’s become more important to understand the differences between Medicare Supplement and Medicare Part C. While Medicare Supplement offers some added benefits, Medicare Part C does not.
Medigap refers to different private health insurance policies sold as Medicare Supplement to supplement Medicare. Medicare Supplement policies are usually offered by different companies to cover gaps in Medicare coverage, and to help make Medicare easier to afford. They are typically standardized, and cover items that Medicare cannot afford. Medicare Supplement plans are usually required to be purchased from specific carriers and at specific pharmacies. Medicare Part C, on the other hand, is standardized and available to everyone.
Medicare Supplement allows you to pick any medication you want, including brand name drugs. Medicare Advantage Plans is standardized as well, but offers more freedom of choice in selecting medications, doctors, hospitals, and other medical providers. Medicare Advantage Plans is either sold separately or via a Medicare Advantage Plan HMO.
One of the biggest differences between Medicare Supplement and Medicare Part A is the Medicare Part B premium. Medicare Supplement plans generally have lower premiums than Medicare Part A. Part A coverage requires you to pay a Medicare Part B premium plus an additional Medicare tax. This additional Medicare tax is paid by you, the client, until you’ve reached the Medicare eligibility age for Medicare. Medicare Supplement plans do not have a Medicare Part B premium.
The second major difference between Medicare Supplement and Part A is the choice of insurers. Medicare Supplement plans are generally sold through private companies that participate in Medicare. Medicare Advantage Plans are generally sold through state managed care plans that participate in Medicare.
Medicare Supplement plans can be tailored to meet your needs. The Medicare Supplement rules can vary slightly from state to state. You should contact a Medicare Supplement professional to discuss the Supplement plans you’re interested in. Medicare Supplement plans offer peace of mind with affordable, high quality health coverage. Knowing how out-of-pocket expenses for your Medicare Supplement coverage will work will give you greater control over your medical care.
When choosing a Medicare Supplement provider, you should visit several medical providers. This will allow you to evaluate prices and service offerings for each provider. Choosing a medical provider network that includes several physicians from different areas will help you get the most value for your dollar. Medicare Supplement plans often come with a network of physicians that provide similar or at least similar services.
Although Medicare Supplement plans offer many unique benefits, the basic benefits remain the same. Medicare Supplement plans provide extra assistance with deductibles and premiums for a variety of items. They also cover some of the more expensive items in the original Medicare program. For this reason, you should compare prices and quality between Medicare Supplement options before selecting one. Understanding how Medicare plans work will help you make more informed decisions about your Medicare coverage.