Your Guide To The Different Types Of Medicare Insurance Plans

Posted on: 13 April 2023

As you get closer in age to qualifying for Medicare, you'll want to start thinking about your healthcare needs and how Medicare can assist you. With there being so many different plans available, you'll want to start by getting a general understanding of what all the different plans are so that you can pick the best one. 

Medicare Advantage Plans

All Medicare Advantage plans are also referred to as Medicare Part C. They are an alternative to using a traditional Medicare plan and are offered by private insurance companies. They include all the benefits that a traditional Medicare plan has with Part A and Part B coverage, but they include additional benefits as well that are not going to be covered. This is where you'll often find dental, vision, and hearing coverage, which become more common to use as you get older in age.

You'll also find that a huge advantage of a Medicare Advantage plan is that it has a cap on your out-of-pocket expenses, which you will not find with traditional Medicare. The downside to this benefit is that your network of doctors tends to be much smaller, and you need to pick a doctor that accepts your Medicare Advantage plan.

Medicare Supplement Plans 

Medicare Supplement Plans are also called Medigap plans, and they help with those out-of-pocket expenses that are not covered by traditional Medicare. Much like with Medicare Advantage plans, Medigap coverage is offered by private insurance companies. However, Medigap plans are an optional type of coverage that is used alongside traditional Medicare. You'll get assistance with paying for things like deductibles, coinsurance, and copays, but you won't receive assistance with dental, vision, hearing, or prescription drug costs. 

Prescription Drug Plans

There are prescription drug plans that you can purchase, which are called Medicare Part D. They are also offered by private insurance companies, and are used along with a traditional Medicare or Medicare Advantage plan that doesn't have prescription drug coverage. You'll want to know your specific medication needs before selecting a Medicare Part D plan because each plan offers a different list of medication coverage. You'll definitely have to do some searching to find the right drugs that you need to be covered all in one plan.

Feel like you know the basics when it comes to your options for a Medicare Insurance Plan? Now you can narrow in on the one that you feel will work best for your needs. For more information, contact a company like Active Medicare Solutions.