A, B, C... What?
A Medicare Supplement Insurance Policy (aka Medigap) is private health insurance designed to supplement Original Medicare.
A Medicare Supplement plan pays some of the health care costs that Medicare doesn’t cover such as copayments and deductibles. Medicare Supplement policies may also cover some services not covered by Medicare. If you are enrolled in Medicare and you have a Medicare Supplement policy, Medicare will pay its share of their approved amount for covered heath care costs. Then your Supplement pays its share. Every Medicare Supplement policy must follow State and Federal laws designed to protect you, and it must be clearly identified as “Medicare Supplement Insurance".
A Medicare Advantage Plan (like an HMO or PPO) is another Medicare health plan choice you may have as part of Medicare. Medicare Advantage plans, sometimes called "Part C" or "MA Plans", are offered by private companies approved by Medicare. When you join an Advantage Plan, you are giving up Original Medicare for the remainder of the year and joining the Advantage Plan. You can't go back to Original Medicare until January.
Medicare pays a fixed amount for your care every month to the companies offering Medicare Advantage Plans. These companies must follow rules set by Medicare. However, each Medicare Advantage Plan can charge different out-of-pocket costs and have different rules for how you get services (like whether you need a referral to see a specialist or if you have to go to only doctors, facilities, or suppliers that belong to the plan).
Medicare Part D Rx Plans are sold by private health insurance companies that are approved by Medicare to offer Prescription Drug Plans to Medicare beneficiaries. If you don't enroll in a drug plan when you first become eligible, you may incur a late enrollment penalty. It's important to understand the basics.
If you would like to get a Medicare Supplement, Medicare Drug Plan or a Medicare Advantage plan quote, simply CLICK HERE to contact us.