What is the difference between Medicare Supplement Plan & Medicare Advantage
Medicare supplement plans and medicare advantage sounds the same. But their activities are different. A medicare supplement plan is a way of paying overloaded costs for unexpected health risks. It is also called a Medigap plan.
Medicare advantage plan is a way of covering limited prescriptions and doctor’s consultations at zero percent charge. So both are different plans. There are many differences between these two plans. Now let’s discuss the Medigap plan and medicare advantage plan in detail.
Medigap Plan Vs. Medicare Advantage
You can’t enroll for a Medigap plan and medicare advantage at the same time. If you are a member of Medicare advantage, then you have to come back to original medicare within the twelve months of enrollment. Then you can be a member of a Medigap plan. A medicare supplement plan is a part of the original Medicare.
When original Medicare can’t afford the excess costs, Medigap plans help to meet up. Actually, the Medigap plan works with Original Medicare. You have to be a member of the original medicare, then you can get the membership of the Medicare plan. Original Medicare includes part A and part B. But unfortunately, parts A, B don’t fulfill all benefits.
Such as excess pocket costs, routine checkups, emergency healthcare coverage, medication, etc. But in the medicare supplement plan, you can cover all the facilities which were locked in the original medicare. That’s why people enroll in a Medigap plan with original medicare to cover up the gap. Medigap plans require enrollment for a lifetime. It has a monthly premium cost.
On the other hand, medicare’s advantage is just an alternative to the original medicare. That means you can get all the facilities from medicare advantage like original medicare. But you won’t be able to cover additional healthcare facilities that the Medigap plan provides. So it is the main difference between the Medigap plan and medicare advantage. It has two enrollments in a year. It has a low-cost premium which is almost near to zero.
Advantage of Medicare Supplement Plans
There are ten parts to medicare supplement plans. All are standardized in a letter. So every company must provide the same basic service for each plan according to the standard. But the premium costs can be different for each company.
Medigap plans cover all the costs that original medicare can’t provide. Medigap plans provide copays, coinsurance, and deductibles. That means it provides out-of-pocket maximum costs.Besides, there are many benefits including prescription wise medication, out-of-country healthcare service, dental & hearing, etc.
Benefits of Medicare Advantage
As already mentioned, medicare advantage plans are a substitute for medicare’s original. So if you are only concerned about basic Healthcare facilities then medicare advantage plans are good options. Besides, medicare advantage doesn’t require additional drug plan enrolment. If you enroll for a medicare advantage plan, it will automatically provide you with prescribed drug plans.
Medicare supplement plans and medicare advantage both are necessary from their perspective. Medicare advantage provides general coverage when a Medigap plan provides out-of-pocket coverage.