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
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.