Medicare Supplement plans, also known as Medigap, are policies that help pay for the excess charges left over by Medicare. These costs are things like your deductibles and coinsurance.
What is Medicare Supplemental Insurance?
Medicare Supplement plans, or Medigap, are insurance policies sold by private insurance companies that are licensed to sell
Medicare plans. They help you pay for out-of-pocket costs for services covered under Medicare Part A and Part B. These costs include deductibles, coinsurance, copayments, hospital costs after Medicare pays its share, skilled nursing facility costs, and more. Some
Medicare Supplement insurance plans even include coverage for medical services while traveling outside the United States.
Medicare Advantage, also known as Medicare Part C, is a health insurance plan provided by private companies approved by Medicare. It offers at least the same coverage as Original Medicare – Part A and Part B. But also, Medicare Advantage gives some additional benefits that Original Medicare does not provide.
The most often added benefit is prescription drug coverage (Part D), which is included in almost every Part C plan.
These additional benefits can sometimes be provided at no additional cost to you. This is possible because Medicare actually pays the insurance company a set amount for providing your healthcare coverage.
So, let’s take a look at the eligibility, enrollment, and benefits of an Advantage plan.
Medicare Part D is Medicare’s prescription drug benefit that provides outpatient drug coverage. Part D is provided through private insurance companies contracted with the federal government.
If you want Part D coverage, you have to either buy a standalone plan or get it through a Medicare Advantage plan.
Prescription Drug Plans and Medicare Advantage Prescription Drug Plans cover all vaccine drugs when necessary to prevent illness. Other than that, you will have a formulary unique to your plan that details what drugs are covered. So, before you choose a plan, you need to talk to a licensed
Medicare specialist like the ones at Bobby Brock Insurance to make sure all the drugs you require are covered with your plan.
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