Medicare Supplement Plan vs Medicare Advantage Plan- What is better for you?
Most of the people tend to get confused between Medicare Supplement Plan and Medicare Advantage Plan. This is because both of them sound very much similar to each other. However, they are pretty much different in their functioning. These plans have been helpful in saving quite a significant amount of money from the extra medical charges. In certain cases, you may even get the additional benefits. So, you should be choosing your plan accordingly.
Medicare Supplement Plans
Medicare Supplement Plans also known as Medigap helps to cover all the costs of the doctor or hospitals that accept the Medicare plans. However, if the medical facility or doctor does not cover any of these costs, Medicare won’t be accepting the plans. It covers up Part A, B and D. Even if Medigap is a private insurance policy, it usually doesn’t cover up the charges for any of the loans. You can look up around you and purchase the most suitable Medicare supplement plan for yourself.
Medicare Advantage Plan
The Medicare Advantage Plan usually covers most of the Medicare Part C Program. The health plans are almost same as that of the private health insurance plans. Nonetheless, the different advantage plans have different benefits and coverage areas along with restrictions. While some come with medicine and drug coverage, some don’t. In the advantage plans, some only pay for the medicines while some look up for the doctors too.
Which is better for you?
Before you move on to choose Medicare Supplement Plans or Medicare Advantage Plans, there are a list of things you need to consider. However, the following three are the most essential points to be considered.
Cost: The cost of premium is usually more in Medicare Supplement Plans. However, they tend to help spend more in case of medical emergency. But as far as Medicare Advantage Plans are concerned, in very short price you will get a range of service which further prove to be extremely budget friendly.
Choice: The Medicare Advantage Plans are very much limited to that of the doctors from that of HMO and PPO. However, the Medicare Supplement Plans too cover a limited facilities only if they are accepted by the doctors.
Area: The Medicare Advantage Plans hold valid for only certain areas. However, there are parts of Medicare Supplement Plans which usually vary from region to region. Certain plans offer benefits even when you’re out travelling.