While both Medicare Advantage Plans and Medicare Supplement Insurance plans are both designed to provide additional coverage that Original Medicare doesn’t account for, they are in fact two very different plans and should not be confused with each other.
The biggest difference is that Medicare Advantage Plans are designed as an alternative to Original Medicare. Those who enroll in these types of plans are still in the Medicare program, but the new Advantage Plan is where the benefits come from. There are also requirements that must be met in order to enroll in a Medicare Advantage Plan, including having Original Medicare Part A and Part B.
On the other hand, Medicare Supplement Insurance works alongside Original Medicare and is designed to provide coverage to fill the gaps where Medicare doesn’t cover. These costs include deductibles or co-payments.
Unlike Medicare Advantage Plans, if you buy a Medicare Supplement Insurance plan, you must still be enrolled in Original Medicare. The original plan will provide all hospital and medical coverage and the supplement plan will cover those some cost-sharing expenses.
Another benefit of having certain Medicare Supplement Insurance plans is that some of them will help cover other costs, such as medical coverage for those outside the U.S.
When determining which options is right for you, it is important to think about the different benefits of each plan. For those considering adopting a Medicare Supplement Insurance plan, you will have the option of choosing from a variety of plans and private providers.
Bankers Fidelity offers various plans in multiple states. Before you decide what is right for you, speak with an agent to better understand exactly what benefits a Medicare Supplement Insurance plan can have.
