Medicare Advantage vs. Medicare Supplements

If you have the Original Medicare health insurance plan, you might find gaps in your health coverage that you want to address. Fortunately, there are options to help Medicare beneficiaries supplement or replace their Original Medicare. There are two options: Medicare Advantage (an alternative way to get Original Medicare) and Medicare Supplement Plans (plans that work alongside Original Medicare).


These Medicare plans have huge differences, and it is important to understand what they are as you review your coverage options. If you are trying to decide the right plan for you between a Medicare Advantage Plan (Medicare Part C) and Medicare Supplement (Medigap) plan, here’s a quick overview of how they compare.

Differences

While the Medicare Advantage and Medicare Supplement plans can be beneficial, there are significant differences between the two plans. Understanding these differences can help you choose the right plan that works for you.

Price: The major difference between Medicare Advantage and Medicare Supplement plans are the different costs. Generally, Medicare Supplement plans have higher premiums than Medicare Advantage plans. However, Medicare Part C plans provide different coverage, resulting in some differences with out-of-pocket costs.

Choice of Physicians: Medicare Supplements allow beneficiaries to use any United States hospital or doctor that accepts Medicare. Most Medicare Part C plans restrict beneficiaries to using doctors or hospitals in their network and may provide less coverage for those using out-of-network providers. With Medicare Supplements, members don’t require approval or a referral to see a specialist.

Extra Services: Medicare Advantage is more flexible as the federal government allows carriers to add coverage for items not included in Original Medicare and Medicare Supplements. It could include adult daycare, prescription drug coverage, dental coverage, vision coverage, etc.

Which Plan is Better?

There is technically no right or wrong answer to this question, and the answer is more so based on your budget and coverage needs. If you want costs such as deductibles, copayments, and coinsurance to be covered, then a Medicare Supplement Plan is something to consider. If you are looking for additional coverage that you cannot receive with Original Medicare or a Medicare Supplement, a Medicare Advantage Plan is something to consider.

There are many pros and cons to each Medicare plan that you must consider. Whether that be in a lack of coverage in a specific area that you need or a costly premium, that decision is ultimately up to you. However, Kannball Insurance Solutions can help you decide between the various options. Contact us today to learn more about what each plan can offer you!