Difference between Medicare Advantage Policy and Medicare Supplement Policy

One can easily avail Medicare Supplement Plans and Medicare Advantage policy. But many are confused about the benefits and coverage offered by both the plans. The majority of them tend to assume that both are similar in features and benefits. But the truth is something else.

About Medicare Supplement Plans

medicare advantage plans 2018 The supplement type of policy is said to pay after Medicare. It is depend upon the chosen plan that Part Deductible (hospital stays) will be paid as well as Part B Deductible (doctor fees). 20% may be paid by the Supplement policy which is not paid by Medicare and possibly additional 15% (Excess charges by Part B). This is in case, ‘Assignment’ (allowable Medicare charge) is not accepted by physicians. Other features are also covered under this policy like ‘Foreign Travel’.  By having a supplement policy, the insured person can visit any hospital or physician accepting Medicare.

About Advantage Plan                          

It is regarded to be a contract which Medicare has made with any private insurance provider for administering the client’s benefits. Payment is not made after Medicare, but made instead of Medicare. Premiums which are associated with this plan are much lower when compared to supplement plan. But co-payments have to be paid upon visiting the physician or hospital. Different Advantage Plans also exist such as Private Fee For Service (PFFS), PPOs and HMOs.

By availing HMO plan, the person gets restricted to visiting just the ‘in Network’ physicians and also will enjoy getting referrals for visiting the specialists. With PPFS plan, he/she can visit any hospital or physician accepting Medicare, until they accept it. The plan can be accepted on case basis. The Advantage plan is considered to be mandated to provide coverage for what is covered by Medicare. However, at times, things are covered at different rates. But Advantage plan is not accepted by each and every hospital or physician accepting Medicare. Therefore, it is crucial to check thoroughly the Medicare Advantage Plans in 2018 and other plans before signing up for anything. If the person visits a hospital or physician not accepting the plan, then he is likely to be responsible for paying up the whole bill from his own pocket. This is because, nothing will be paid by Medicare.

It will be a wise idea to consult the industry professionals specializing in such products and to get hold of a plan which works perfectly to suit individual circumstances and needs.

Part D Medicare Insurance – Covers Prescription Drugs

Since there are different Medicare Supplement Plans 2018 to select from, Part D Medicare insurance can be really be quite confusing. Hence, it becomes crucial to understand the ramifications and coverage, so as to select a plan that provides the best coverage and also is affordable. Such people can consult the industry experts who can make the entire process of selection to become simple and quick.

Cost

Medicare Supplement plansMost low cost plans are found to lower down annual costs, while offering full coverage if retail prescription rates are found to be lesser than $2,250 annually. It is only until medications that are being currently taken is covered. The primary issue that is said to surround Part D plan is there exists different excluded drug list that are published by every plan provider. It is apart from the ‘base line’ drug list which is excluded by all plans. The list is also found to include those drugs which are not FDA approved, along with those not sold within the U.S. Certain drugs are there which Part D Medicare insurance does not cover, since they get addressed in Part A & B.

Some drugs of different ‘classes’ under Medicare Supplement Plans 2018 have been excluded from coverage. It includes fertility drugs, used for weight gain or weight loss, besides drugs used for treating erectile dysfunction, minerals, vitamins, barbiturates and benzodiazepines.

Even though the drugs have been excluded from basic program, supplementary options are often offered with the plan. In few cases, these are covered, if the drug definition fits perfectly the Part D Medicare insurance plan. But not every plan has been created equal.

Premium calculation

Providers are known to come up with their very own formula set for calculating premiums for the different Medicare Supplement Plans 2018 made available to the public. Therefore, the rates are likely to differ from one insurance provider to the other. The covered prescription medications also tend to vary. It is only by researching the right type of plan which works appropriately can help in getting one that charges low and provides the necessary prescription coverage.

Hence, it will be useful to take out sufficient time to undertake thorough research and understand the different plans available in the area. Even though it may seem to be time consuming, the end results is sure to be more than satisfactory. There are over fifty different providers offering over 100 Medicare Supplement Plans 2018.

To get Instant Online Quotes Click HERE