Medicare Advantage Plans are an increasingly popular alternative to traditional Medicare. They offer more choices in what Medicare covers and other options that can be added or removed from the original Medicare program. Medicare Advantage Plans cover additional services or options not covered by Medicare Parts A and B. There are also different levels of deductible for Medicare supplement plans 2022. These different levels can have a profound impact on your monthly out-of-pocket expenses.
There are many tips and hints to help you understand the differences between Medicare Advantage Plans and traditional Medicare. In general, the rules are basically the same between the two programs. Original Medicare is a federally funded health insurance program. Medicare Part A is physician insurance, and Medicare Part B is hospital insurance. Medicare Advantage (Medigap) plans are offered by private health insurance companies, and also provide the same basic coverage as original Medicare.
Some of the differences you may notice between medicare advantage plans offer long-term care benefits and prescription drug coverage. Many people don’t think they qualify for these additional benefits. While you may think you are eligible for Medicare Parts A and B, be sure and check with your current private insurance agent. They may be able to redirect you to a company that offers these additional benefits. Medicare Advantage Plans often do not cover hearing aids, vision care, or dental care.
In addition, some people find that they are limited in what Medicare covers, especially prescription drugs. Most of the medigap plans will cover generic prescriptions, however there are a few exceptions. Some of the private insurance plans will cover prescription drug deductibles up to a certain level, while many medicare advantage plans include drug deductibles.
Another option available is supplemental insurance to cover gaps in coverage. This type of policy is generally purchased by those who are “at risk” for Medicare coverage because of a pre-existing medical condition. Although they are considered to be at-risk, this does not mean that their medications or hospital stays will be denied. Private companies have been known to deny coverage due to pre-existing conditions. It is best to discuss this matter with your private company before signing anything.
There is also another type of plan available called “fee for service” medicare plans. These plans are not managed by a private company and are similar to traditional fee for service plans. Although they are not managed by a pharmaceutical company, they can offer consumers some relief from high out of pocket costs. Most of these policies include prescription drug coverage, though they may not cover all of the options, such as brand name medications.