Medicare Supplement Plans vs. Medicare Advantage Plans

During Medicare’s Annual Enrollment Period – Oct. 15 to Dec. 7 – you’re bound to hear and see a lot of information from many different sources. We know this can become overwhelming as you consider your current Medicare plan. We want to make sure you have the correct information so that you can make the best decision for your health coverage.

All About Medicare Supplements

Medicare Supplement plans, also known as Medigap, are health insurance plans sold by private insurance companies. They’re designed to fill in the gaps that Original Medicare doesn’t cover, so you purchase a plan in addition to Original Medicare.

Supplement plans don’t require networks, and you typically pay little to $0 in out-of-pocket expenses besides copays. However, with this plan type, you pay a monthly premium that increases each year on top of your Part B premium. Additionally, since Original Medicare doesn’t cover prescription drugs, you need to pick up a prescription drug plan.

All About Medicare Advantage

Medicare Advantage plans take an all-in-one approach when it comes to coverage. This plan type offers consistent copays, capped annual out-of-pocket expenses, and stable low or $0 premiums, making it easier for you to keep track of your health care expenses.

Medicare Advantage typically covers:

  • Medical
  • Prescription drugs
  • Dental, vision, and hearing
  • A range of additional benefits such as fitness memberships, grocery gift cards, over-the-counter allowances, and many more

While Medicare Advantage plans do require networks, most of their networks are large and usually include multiple hospital and provider systems.

With Medicare Advantage, you have an out-of-pocket maximum which caps the total annual amount you’d be responsible to pay out of pocket for health care costs. This is designed to protect you from high medical expenses.

Medicare Supplements vs. Medicare Advantage

Our advisors recommend Medicare Advantage because of its predictability, cost-saving opportunities, and great added benefits. Our team put together a simple comparison between Medicare Supplement and Medicare Advantage coverage below:

Medicare Advantage could offer you all these perks and more. If you’ve been questioning whether to choose Medicare Advantage, reach out to our team and we can help you assess your needs and budget to ensure it’s the right fit for you.

Ready for Next Steps?

If you’re thinking about choosing a Medicare Advantage Plan in Ohio, Indiana, or Kentucky, look no further. Our advisors are ready to help you navigate which plan is right for you! Schedule a call with an advisor today.

New to Medicare and have questions? We’re ready to help. Schedule a call with us to get started!

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