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What Medicare plan type is right for me?

Advantage, Supplement, Medigap, Part C, Part D...
What's the difference?

I often hear something along the lines of, "I Googled it and now I'm more confused". The government is great at complicating things, and Medicare is no exception. I can help decipher your personal needs and explain how each scenario would work in your situation. While there are certainly more details to discuss, here is a quick breakdown of the different plan types:

Senior couple Signing a Contract

Medicare Parts A, B and D

Medicare Parts A and B are also referred to as Original Medicare.

 

Part A is your hospital coverage, it typically has no monthly premium. Many people who continue to work past 65 have Part A in addition to their group coverage.

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Part B is your medical coverage. It has a monthly premium based on income. People will often enroll in Part B when they no longer have access to an employment group plan. But in some cases, it is best to drop your group plan and join Part B.

Medicare Part D is your drug/prescription coverage. This can be delayed if you have other, creditable coverage. Typically, a group plan will check this box. 

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Original Medicare, Parts A and B have a deductible and coinsurance with no maximum out of pocket. As result, expenses can add up quickly. This is where Advantage and Supplement plans come in.

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Medicare Supplement Plans (a.k.a. Medigap)

Medicare Supplement plans are also referred to as Medigap plans because they help fill the gaps in Original Medicare. Plans are administered by private insurance companies, but your Parts A and B are still through the government. These plans are referred to by their plan letter (Plan G is currently the most common for new enrollees). They have monthly premiums, deductibles, and sometimes coinsurance, but ultimately there is a maximum paid over the course of a year.

 

A stand-alone drug plan would also be needed to fulfill your Part D requirement when opting for the Supplement/Medigap route. 

Nurse with Senior Patient
Elderly Woman at Gym

Medicare Advantage Plans (a.k.a. Part C)

   Advantage Plans are also referred to as Part C because they combine Parts A, B and D into one plan. These plans are offered and administered by private insurance companies. Plans typically have low and sometimes no monthly premiums, they have copays, and they have a maximum out of pocket. 

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   Many people opt for Advantage Plans because they often have extra benefits like dental, vision, hearing, gyms, etc that are not offered with Original Medicare or Supplement Plans. 

Ready to learn more?

independent Medicare broker agent in Boise, Meridian, Eagle, Star, Middleton, Kuna, Nampa, Caldwell, Ada County, Canyon County, Owyhee County, Treasure Valley, Idaho

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