Medicare supplement plans are a specific type of insurance coverage available through private health insurance companies that don’t represent Medicare. Medicare Supplement plans can be tailored to meet your unique needs, giving you peace of mind that you’re getting the best possible care for your Medicare. Medicare supplement plans are standardized, and all of them come with different coverage and price restrictions. So, what’s the difference between Medicare supplement plans and traditional Medicare? These are questions I get asked daily from clients who are considering changing health insurance carriers or just buying Medicare again for themselves.
Medicare Advantage Plans
Medicare Supplement Plans is standardized as individual policies, rather than as part of a group policy like Medicare Advantage plans. Medicare Supplement plans are intended to help offset the costs you would otherwise have to cover with Medicare when you take advantage of benefits covered by another insurance company. Medicare Supplement plans are not “guaranteed” any particular type of coverage, but they are specifically targeted to give you extra help paying for the things you really need. Medicare Supplement plans are typically only available from healthcare insurance companies that participate in the Medicare program.
There are two types of Medicare supplement plans: Advantage Plans and Medicare Advantage Plans. Advantage Plans are offered by private insurance companies and provide coverage similar to Medicare. The main difference is that Medicare Supplement plans have additional benefits. If you’re thinking about changing your Medicare coverage, there are many things to consider before doing so. Private health insurance companies that offer Medicare Supplement plans must also offer Plan A, though. So if you’re wondering what Medicare advantage plan benefits may be right for you, call an experienced independent Medicare consultant to discuss your options.