Medicare Supplements


Medicare supplement insurance in Englewood, FL is an additional health insurance policy that Medicare beneficiaries can purchase from a private insurer to help pay some of the costs not already covered by Medicare Part A and Part B, including deductibles, coinsurance and foreign travel. Medicare alone may not be enough to protect a family against the costs associated with a serious illness. Two Medicare supplement options exist to help bridge the gap that may exist between coverage needs and the coverage provided by Medicare. Below is information on these two Medicare supplement options.

Medicare Advantage Plans (or Part C)

First is Medicare Advantage or Medicare Part C. Medicare Advantage plans are a part of the Medicare program for US citizens age 65 and older and disabled adults who qualify. With Medicare Advantage plans, private companies provide coverage instead of the federal government. These plans typically include the same Part A (hospital), Part B (medical coverage) and Part D (drug coverage) that Medicare does, with the exception of hospice care, while at the same time providing additional coverages. The deductibles and co-pay options are typically less than those associated with Medicare alone are. These plans provide comprehensive coverage through a Health Maintenance Organization (HMO), Preferred Provider Organization (PPO), Private Fee-for-Service Plan, Special Needs Plan or a Medicare Medical Savings Account Plan. In order to qualify for a Medicare Advantage Plan you must live in the plan’s service area, have Medicare Parts A and B, and not have end-stage renal disease. Participants in a Medicare Advantage plan can make changes during a specified open enrollment period in the fall that typically spans from mid-October to early December. These plans have an annual limit on out-of-pocket costs, which make them cost-effective.


Next is the Medicare Supplement Insurance coverage known as Medigap. This coverage protects people who buy traditional Medicare against many of the additional costs a patient might pay, such as deductibles and co-pays. Medigap charges a premium over and above what the participant already pays for Medicare Parts A (many people get this free), B, and D. These plans do not cover long-term care, prescription drugs, dental, vision, hearing aids or private nursing care. There are 10 types of Medigap plans available in most states. Plan F is the most comprehensive and popular plan, but as a result, it is one of the most expensive plans. Premiums vary depending on gender, ZIP code and tobacco use. Premiums for Plan F range from around $120 per month to over $400. A participant with Plan F will have little or no out of pocket expenses. It is worth noting that by 12/31/2019, Plan F will no longer be available to new Medicare enrollees. In order to qualify to purchase Medigap coverage, participants must already have Medicare Part A and Part B. Medigap is not compatible with Medicare Advantage, as participants choose to purchase one or the other depending on their particular situation.

In many cases, a Medicare Advantage Health Plan (Medicare Part C) may provide more cost effective coverage than a traditional Medicare policy plus Medigap coverage. Many factors affect the cost of Medicare Advantage and Medigap plans. As a result, it is important to work with a licensed Independent Sales Agent that can help you navigate the maze of plans and coverage options to determine which one is the best fit for you and your family.


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