Individual Health Insurance Options:
Medicare Supplement vs. Medicare Advantage
There are two categories of health coverage for individual Medicare insurance:
1. Medicare Supplement (or Medigap) Insurance
2. Medicare Advantage (or MA) Plans.
Medicare Supplement Insurance policies are offered by private insurance companies and work as a secondary to Medicare, paying the portion of the bill you’d normally have to cover yourself. Generally, this eliminates all out-of-pocket expenses, there are no co-pays. All plans are standardized by Medicare, but premiums vary by company. You have the freedom to go to any doctor or facility in the US that accepts Medicare, without a referral.
Representing companies such as: AARP/United Healthcare, Blue Cross, Cigna, Aetna, Mutual of Omaha, Heartland Financial, Americo, Puritan Life, and more.
Medicare Advantage Plans are also offered by private insurance companies, mostly in the form of HMOs or PPOs, and replace Medicare as the primary insurance. There is a network of providers for each plan and co-pays for most services. Premiums can vary greatly and no two plans are alike. What you’d pay in co-pays is generally less than what you’d have to pay if you had Medicare alone. MA plans may also offer some additional benefits in addition to Medicare, such as: eyewear/ hearing aid reimbursements and a fitness club membership.
Representing companies such as: IBC/Keystone65 and Personal Choice65, Aetna/Coventry, Cigna, Health Partners, Humana, Highmark, Geisinger, and more.
1. Medicare Supplement (or Medigap) Insurance
2. Medicare Advantage (or MA) Plans.
Medicare Supplement Insurance policies are offered by private insurance companies and work as a secondary to Medicare, paying the portion of the bill you’d normally have to cover yourself. Generally, this eliminates all out-of-pocket expenses, there are no co-pays. All plans are standardized by Medicare, but premiums vary by company. You have the freedom to go to any doctor or facility in the US that accepts Medicare, without a referral.
Representing companies such as: AARP/United Healthcare, Blue Cross, Cigna, Aetna, Mutual of Omaha, Heartland Financial, Americo, Puritan Life, and more.
Medicare Advantage Plans are also offered by private insurance companies, mostly in the form of HMOs or PPOs, and replace Medicare as the primary insurance. There is a network of providers for each plan and co-pays for most services. Premiums can vary greatly and no two plans are alike. What you’d pay in co-pays is generally less than what you’d have to pay if you had Medicare alone. MA plans may also offer some additional benefits in addition to Medicare, such as: eyewear/ hearing aid reimbursements and a fitness club membership.
Representing companies such as: IBC/Keystone65 and Personal Choice65, Aetna/Coventry, Cigna, Health Partners, Humana, Highmark, Geisinger, and more.
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Prescription Drug CoveragePrescription drug costs are always a major concern for people on Medicare. Medicare Rx Plans can be bundled with an MA plan or you can obtain a stand-alone Part D plan along with your Medigap. Even though all drug plans follow the same four-tier structure, the co-pays and formularies for each plan vary significantly.
Representing companies such as: Silverscript, AARP/UHC, Humana, Envision, Aetna, Wellcare, and many more. |
