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Deciding between Medicare supplemental insurance and Advantage plans

Finance & Planning | Oct 02, 2015

When it comes to choosing Medicare, there are a variety of different options. Many people are unsure of the difference between Medicare Supplemental insurance and a Medicare Advantage plan. As benefits vary for these different types of coverage, it's critical to be aware of the basic differences, helping to make a more informed decision when buying.

Medicare supplemental insurance
Also known as Medigap policies, Medicare Supplemental insurance plans provide a number of options for seniors to choose from.

In order to help cover out-of-pocket costs for healthcare, someone must have Medicare Part A and B. A Medigap policy will only cover one person, so a spouse would have to have their own coverage. These policies are available through any insurance company that sells them. As Medicare is a vast marketplace, coverage can be tailored to the needs of the policyholder.

Medicare advantage
What a Medicare Advantage plan does is bundle Parts A, B and often D, giving a policyholder all the benefits in one coverage option. However, a single Medicare-approved health plan does come with a variety of options.

For example, Medicare Part D can be purchased in order to cover the costs of prescription drugs. An extra monthly insurance premium can be paid for Part D coverage.

Navigating the Medicare marketplace might seem like a daunting task, but having the facts and finding reputable help can make all the difference to streamlining the process. Price-comparison tools are available to ensure eligible individuals save the most money and time when finding the coverage they want. Whether it's getting help determining what coverage they want or what insurance companies they can buy from, SelectQuote Senior can help.