A Complete Guide to Medicare Supplement Plans
Learn everything about Medicare plans, including Original Medicare, Medicare Advantage, and prescription drug coverage. Understand your options to better protect your health and finances. This comprehensive guide helps you navigate your Medicare choices with confidence and clarity.
Medicare provides health coverage primarily for seniors over 65 and certain individuals under 65 with disabilities, including terminal renal disease. It offers two main options: Original Medicare and Medicare Advantage.
Original Medicare Supplement Insurance
The government settles the claims directly with healthcare providers through a fee-for-service system. This includes Part A and Part B. Part A covers hospital stays, skilled nursing facility care, and home health services. If you've contributed to Medicare during your working years, Part A may be free.
Part B handles outpatient services, doctor visits, and some home health care. A monthly premium is required for Part B coverage.
Medicare Advantage Plans
Also known as Part C, these plans are offered by private, Medicare-approved companies. They consolidate Parts A and B coverage and may include additional benefits. Some plans require referrals for specialists, and out-of-pocket expenses vary. Types of Medicare Advantage plans include:
Health Maintenance Organization (HMO)
Preferred Provider Organization (PPO)
Private Fee-for-Service (PFFS)
Medical Savings Account (MSA)
Special Needs Plans (SNP)
Optional Prescription Drug Coverage
Commonly called Part D, this coverage helps pay for prescription medications through private companies under Medicare’s guidance.
Choosing these plans helps safeguard against rising healthcare costs. Rest assured, Medicare supplemental plans provide peace of mind knowing your healthcare needs are covered.
