Medigap Plans and Medicare Insurance Plans

Medigap Plans and Medicare Insurance Plans

There are several ways to get the benefits of Medicare. Depending on where you reside, you can choose from additional Medicare plans, original Medicare plans, Medicare Advantage and Medicare. This article compares two types of plans, Medicare cost strategies and supplementary Medicare plans to help you choose the right one for you.

What are Medicare supplement plans?

As the name implies, supplementary Medicare insurance plans (also called Medigap) are supplementary to the Original Medicare coverage. Depending on the chosen plan, part of the expenses can be covered in accordance with parts A and B.

The plans are not separate (you must register for part A and part B to purchase Medigap). They cannot be combined with Medicare Advantage. With the standardized Medicare supplemental plans at the federal level, a policy in New York provides identical basic benefits as plan A in Wyoming. Meanwhile, some states (Massachusetts, Wisconsin, and Minnesota) have their own version of some plans.

Pay a separate monthly premium for your Medicare supplemental insurance. Some plans also provide for an annual deductible before benefits come into effect.

What are Medicare plans?

If you’ve never heard of Medicare plans, you’re not alone. These plans are only available in some areas of the country. Many of them will expire in January 2019 and will become Medicare Advantage.

In a sense, Medicare plans work like Medicare Advantage plans. Network operators must be used to be sure of the cost plan. Meanwhile, if you are no longer on the network, the original Medicare will cover the insured costs as soon as the co-insurance and deductible amount is reached.

You can subscribe to a Medicare plan even if you only have Part B and can switch from Medicare to Original Medicare at any time. The prizes are defined by the plan itself and you have to pay the premium of part B in addition to the premium calculated by the plan.

Medicare plans vary widely. For example, some include only Part B services. Plans may include prescription drug insurance Part D. You may not have an annual deductible and that the cost structure determination plan is established by plan. These plans are usually offered by trade unions or employers as part of group health insurance. Each plan has its own set of rules, exceptions and restrictions. Hence, it is imperative to discuss with your broker to know all the features of your plan in order to reach a decision.

You may be able to combine Medicare plans with a Medicare supplement plan, depending on the processing of your requests. If your plan processes requests through Medicare, you may be able to purchase a supplemental Medicare plan. However, if your plan processes requests through Medicare Advantage, you will not be able to subscribe to an additional Medicare plan. Be sure to ask your plan administrator how to handle requests if you are interested in a Medicare supplement plan.

Do you need more information on Medicare plans and supplementary Medicare plans? A broker at will be glad to help you find the information you need about additional Medicare plans.