Medicare Advantage Plans are offered by private insurance companies, which are usually Health Maintenance Organizations (HMOs) or Preferred Provider Organizations (PPOs). Advantage plans combine hospital insurance, medical insurance and often prescription drug coverage in one neat package. Some plans include extras like vision, hearing and dental coverage.
Private insurance companies provide Medicare Supplemental Plans that pays for medical expenses Medicare WILL NOT PAY FOR. You need to choose the plan you like the best. Should I sign up? It depends on how good your current coverage is.
You can get a Medicare supplemental plan only if you have Original Medicare. Medigap covers Medicare Part A (hospital insurance) and Medicare Part B (medical insurance). It does not cover Medicare Part C (Medicare Advantage Plans), Medicare Part D (prescription drug plans) or any other private health insurance, Medicaid, Veterans’ Administration benefits, or TRICARE.
Medigap is provided by major insurance companies. Get free quotes for medigap here:
What is Medigap Insurance
- A Medicare supplement (Medigap) insurance, sold by private companies, can help pay some of the health care costs that Original Medicare doesn’t cover, like copayments, coinsurance, and deductibles.
- Some Medigap policies also offer coverage for services that Original Medicare doesn’t cover, like medical care when you travel outside the U.S. If you have Original Medicare and you buy a Medigap policy, Medicare will pay its share of the Medicare-approved amount for covered health care costs. Then your Medigap policy pays its share.
- A Medigap policy is different from a Medicare Advantage Plan. Those plans are ways to get Medicare benefits, while a Medigap policy only supplements your Original Medicare benefits.
Who can buy a Medigap Policy?
People can buy a Medigap policy
- Within 6 months of enrolling in Part B «Must be age 65 or older
- If they lose certain kinds of health coverage «Through no fault of their own
- If they leave MA Plan under certain circumstances
- Whenever the company will sell them one
- Monthly premium
- Generally go to any doctor or specialist
Medicare Advantage Plans
- Health Maintenance Organization (HMO) Plans
- Some have Point-of-Service option
- Preferred Provider Organization (PPO) Plans
- Regional PPOs new in 2006
- Private Fee-for-Service (PFFS) Plans
- Special Needs Plans
- Medicare Medical Savings Account (MSA) Plans
Medigap policies don’t cover everything
- Medigap policies generally don’t cover long-term care, vision or dental care, hearing aids, eyeglasses, or private-duty nursing.
- Insurance plans that aren’t Medigap
- Some types of insurance aren’t Medigap plans, they include:
- Medicare Advantage Plans (like an HMO, PPO, or Private Fee-for-Service Plan)
- Medicare Prescription Drug Plans
- Employer or union plans, including the Federal Employees Health Benefits Program (FEHBP)
- Veterans’ benefits
- Long-term care insurance policies
- Indian Health Service, Tribal, and Urban Indian Health plans