subject: Why Medicare Supplement Insurance Is A Good Choice When Medicare Is Not Enough [print this page] Why Medicare Supplement Insurance Is A Good Choice When Medicare Is Not Enough
If Medicare leaves you to pay for too many health care needs, how can you cover more of your medical expenses? Both Medicare Advantage Plans and Medicare Supplement Plans can supplement Part A and Part B Medicare benefits, which are also known as Original Medicare.Both types of plans will help you with Medicare's deductibles and co-pay charges. Only Medicare Advantage Plans now cover prescription drugs, though. If you have Original Medicare and a Medigap Plan, you can also add a Prescription Drug Plan known as Medicare Part D. Whether you prefer Medicare Advantage Plans or Medicare Part D Prescription Drug Plans to manage your prescription costs, be aware that not all plans cover all prescriptions. Be certain your medications are covered before you enroll in any plan.Medicare Supplement Insurance Has Fewer Restrictions On Your Choice Of DoctorsOne of the main differences between Advantage and Medigap Plans involves your freedom to select a doctor. Medicare Supplement Plans let you choose any doctor or hospital that accepts Medicare. Advantage Plans typically provide care through HMOs that limit your choice of doctors to a network. You won't be restricted in situations where you need emergency or urgent care, though. If you need a specialist who is considered "out-of-network" for non-emergency or non-urgent care, the lack of coverage might deprive you of care that is critical for your condition.Medicare Advantage Plans Are Not StandardizedA second major difference between these two types of coverage deals with standardization of benefits. Medigap Insurance has been standardized into 10 benefit packages and each combination of benefits is designated by letter. For example, Medigap Plan F has the most benefits and the benefits will always be the same regardless of whether your Plan F is provided by Blue Cross Blue Shield, Humana, etc. Medicare Advantage Plans are not standardized so you need to ask more questions and be sure you understand the rules that apply to each individual plan. Different Advantage Plans may require you to follow different rules and plans may pay for different prescription drugs. Sticking With One Plan May Cost You More In The Long RunMost people would prefer to shop for ways to increase their health care coverage once and be done with it, but that's a costly strategy. The plans that are available do change from year to year. For example, Medigap coverage dropped a few plans and added two new packages in the low-premium range in 2010. If you don't look at new plans when they come to market, you could miss opportunities to expand your coverage or lower your premiums. Even if you're not interested in Medicare Advantage Plans right now, you might want to take a second look in the near future. Health care reform is adding incentives for these plans to improve the care they offer. The plans with high service quality ratings will be receiving government bonuses as a reward. While few Medicare Advantage Plans currently have superior ratings, this is expected to improve with the availability of bonus awards. Plus, these plans sometimes offer the least expensive way to supplement your Medicare benefits.
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