Medicare is a government-provided insurance for older Americans. However, traditional Medicare doesn't include everything you need. For this reason, many people upgrade their plan to Medicare Advantage. If you would like to know more, keep reading.
What Is Medicare Advantage?
Traditional Medicare includes Part A and Part B. Part A is coverage for any hospital stays and services. Part B covers the bulk of your medical coverage, such as doctor visits, tests, X-rays, etc. Medicare Advantage is often referred to as Medicare Part C. It includes everything Parts A and B have, but it also provides coverage for other services.
Common services that are included in Medicare Advantage include dental, vision, hearing, etc. You may also be able to see other specialists like dermatologists, but you may need a PCP referral. In addition, Medicare Advantage usually comes with Part D, which includes coverage for prescription medications.
How Do You Apply for Medicare Advantage?
If you have Traditional Medicare, it is supplied directly via the government, and you apply for it through the government. For this reason, coverage for Traditional Medicare is uniform across the board. However, Medicare Advantage is sold via private (and government-approved) lenders. These lenders are allowed to craft their own unique plans, so one may seem better than another, and one may cost more than another.
To qualify, you will already need to be enrolled in Medicare because you need to provide your Medicare number and the date your coverage started.
Is Medicare Advantage the Same as Medigap?
Medicare Advantage is not the same as Medigap, but it is similar. Medigap is also sold via private lenders, but there are many medigap policies. It's designed to help cover some of the out-of-pocket costs associated with Medicare, but it also provides some additional, coverage and benefits, such as coverage when you're abroad.
The downside to Medigap plans is that there are no standardized ratings, which makes it harder to know which plan is good and which plan is bad. Medigap also doesn't typically include prescription medication, so you may still need to purchase Part D.
Medicare is a great way to cover your medical costs, but Medicare Advantage can take it to the next level by including additional services. With Medigap policies, you pay a second premium, but much of the out-of-pocket expenses are waived. If you would like to know more, start looking for Medicare Advantage plans today by contacting a company like Franklin Benefits Group.
