Advantage vs. Supplement

Original Medicare Overview

Together Part A and Part B form a strong healthcare plan in the shape of Original Medicare. However, even though it does cover many medical expenses, there are areas that it won’t help with. Beneficiaries are left with the burden of paying for copayments and deductibles, which can quickly add up. The policy is also lacking benefits for routine dental and vision care, overseas emergencies, and prescription drugs. Without the help of Supplement insurance or a Medicare Advantage plan, you might be left paying more costs out-of-pocket.

What is Medicare Advantage?

Medicare Advantage is an alternative option available to Medicare beneficiaries. These policies tend to provide more flexibility in how their plans are structured since they come from private insurance companies. The main benefit of Medicare Advantage is that the plan gives you a wider range of coverage options that typically aren’t available with Original Medicare. For example, additional protection could include routine dental, vision, and hearing care, and inclusion into health wellness programs. Another benefit of this plan is that many have prescription drug coverage already built-in, with Medicare Part D. These master plans ultimately have the best comprehensive coverage as they combine all parts of Medicare into one policy.

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What is Medicare Supplement?

For anyone who doesn’t like the option of receiving their Medicare benefits through a private insurer, there are other alternatives to ensuring you have the coverage you need. Medicare Supplement insurance consists of 10 different standardized Medigap plans that work to cover out-of-pocket expenses. The ultimate goal of a Medigap plan is to help make Original Medicare more cost-effective by covering copayments, coinsurance, and deductibles that aren’t picked up by the first plan. It Is important to note that Supplemental insurance doesn’t provide additional coverage for prescription drugs or routine dental, vision, or hearing care.

Medicare Advantage Vs. Medicare Supplement Overview

Can make changes:

Medicare Advantage: Two open enrollment periods per year
Medicare Supplement: One period per lifetime unless there are special circumstances

Monthly premium:

Medicare Advantage: As low as $0
Medicare Supplement: Usually has a monthly premium

Part B deductible:

Medicare Advantage: May not have a deductible
Medicare Supplement: Must pay unless you got Plan C or F before January 1, 2020

Part B premium:

Medicare Advantage: Must pay
Medicare Supplement: Must pay

Prescription drugs:

Medicare Advantage: Generally covers
Medicare Supplement: Does not cover

Routine dental, routine hearing, routine vision:

Medicare Advantage: May cover
Medicare Supplement: Does not cover

Networks that restrict providers:

Medicare Advantage: Yes
Medicare Supplement: No

Standardized benefits:

Medicare Advantage: No
Medicare Supplement: Yes

Copayments and coinsurance:

Medicare Advantage: Usually has copayments and coinsurance
Medicare Supplement: May cover all copayments and coinsurance

We Can Help

Finding the right plan to either replace or work with your Original Medicare policy is important to ensure you are properly prepared for anything. Our experienced agents are happy to discuss your options and answer any questions you might have about Medicare Advantage or Medicare Supplemental insurance. To get started, give us a call at (440) 230-1223 to schedule your first appointment.