Confused About Medicare Advantage and Supplement Plans?
Are you well-prepared for your future? If you are 65 years or older, then you are automatically eligible for Medicare. However, your Medicare insurance may not cover all of your medical expenses. This is where Medicare supplement insurance can help.
With Texas becoming a preferred destination for retirement, there has been an increase in demand for Medicare supplement insurance in Texas. At Choice Plus Benefits, we help you in finding the best Medicare supplement insurance plans in Dallas that will help in you fill in the gaps of your Medicare insurance plans.
Medicare Advantage vs. Medicare Supplement plans
Medicare supplement plans have been designed to cover the healthcare expenses that are not covered by Original Medicare. It acts as a supplement to Part A and Part B of the original plan. Except Massachusetts, Minnesota and Wisconsin, there are ten standardized Medigap plans available in most states.
A Medicare Advantage plan provides hospital and medical coverage offered by Part A and Part B of your original Medicare. These plans come with additional benefits like dental coverage, prescription drug coverage and health and wellness programs.
Choosing the right Medicare plan
One of the common questions that people have is which Medicare plan will be right for them. Medicare beneficiaries are often unsure if they should choose the Medicare Advantage (MA) Plan or the Medicare Supplement (Medigap) Plan.
Private insurance policies are available to individuals who are already enrolled in Original Medicare (Part A and Part B). However, each of these plans comes with different coverage, costs and benefits. This is why it is essential to fully understand the ins and outs of these different insurance policies before you make your choice.
Deciding between a Medicare Advantage Plan and a supplement plan depends on your specific needs and circumstances. For instance, the total cost of your drug coverage depends on the medications you may need and the plans that you are enrolled. In some cases, a Medicare Advantage Prescription Drug plan may be a better option as compared to the stand-alone Part D plan of Medigap insurance.
While comparing the plans, ensure that you consider the cost of monthly premiums, co-pays, deductibles, coverage, benefits, healthcare facility restrictions and the prescription drug coverage costs.