Medicare is a federal government health insurance program. Those who are 65 or older or individuals with certain disabilities are eligible for this program. However, Medicare does not cover all health care expenses, meaning you may be responsible for these out-of-pocket costs. To protect yourself you are encouraged to take out additional insurance, commonly known as GAP insurance. There are two main options available to cover Medicare coverage gaps: Medicare Advantage and Medicare Supplement plans.
The experienced professionals at Help to Retire can help you understand the difference between Medicare Supplement and Medicare Advantage plans so that you can receive the health care you deserve. Each year providers come to market with new plans and updated features of existing plans. We pride ourselves on being right on top of all these changes. We help guide our clients through the myriad of choices towards the plan that makes the most sense for their unique situation.
For more detailed information please take your copy of our Clarity Medicare Workbook
Medicare Advantage vs. Medicare Supplement:
A Medicare Supplement policy is purchased to cover the ‘gaps’ in coverage from the government sponsored medicare program ( parts A & B ). A premium is paid to the insurance company in exchange for coverage of future medical bills should they arrive. A separate policy is then purchased for coverage of prescription medications ( Part D ). In addition any further coverage for things like dental and vision would need to be purchased separately.
A Medicare Advantage policy combines the Medicare Part A & B coverage, supplemental coverage and, the part D prescription drug coverage into a single coverage ‘package’. Additionally benefits are added by the insurance company above and beyond what traditional medicare covers. Examples of extra benefits include: Some dental coverage, some vision coverage, gym memberships, and others. These policies are available at zero or very minimal premiums but they require cost sharing, in the form of copays or coinsurance, when services are utilized.
Do you need more information? Do you want to get a plan comparison? Are you ready to enroll in a plan yourself? Please use the link below to move forward without help.
We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options.
Medicare & Medicaid:
An individual may qualify for extra help to pay for all or part of their medicare insurance. Income levels below state defined levels ( which change every year ) define if an individual qualifies for extra help. If an individual qualifies they can enroll in a Special Needs Plan designed to coordinate both the Medicare and state Medicaid benefits. Additional benefits such as dental and vision are typically added by the insurance company.
Please watch this video to get a better understanding of how this works:
If a person is relatively healthy and not currently utilizing healthcare services they would benefit from the extras provided by the Medicare Advantage plan while not being exposed to the cost sharing. A person who is utilizing healthcare services to a large extent would benefit from the fixed cost feature of the supplement plan knowing that the plan is covering the medical bills in exchange for the premium.
Each Person has a unique set of circumstances:
Please provide your contact information below for a complimentary consultation. We will guide you towards the right plan for you.