Many government policies use incomprehensible language, and Medicare is no exception. While most seniors approaching their Medicare years understand what the basic Plans A, B, and D cover, the choices in extra or supplemental coverage are explained in that incomprehensible language discussed above.
Seniors approaching their Medicare years would benefit from a plain-spoken explanation of the Medicare Advantage Plan in Oklahoma City, OK, and how it differs from supplemental or Medigap coverage. This is what they should know.
What Is Medicare Advantage Plan?
Formerly, seniors only had basic Medicare and supplemental coverage. If serious illness struck, they found themselves paying high co-pays and deductibles they couldn’t pay. Upon seeking supplemental coverage, they failed due to their health issues. Many went bankrupt.
Medicare Advantage Plan was formulated so seniors with out of pocket expenses only had to pay a certain amount before the plan kicked in and paid the rest for that calendar year. Many plans include a Part D prescription drug plan.
Although seniors will still have to pay Medicare Part B premiums, the Advantage Plan is still easier to pay than original Medicare and Medigap coverage.
What Is Medigap Coverage?
Medigap comes in plans A, B, D, F, G, K, L, M, and N. All plans cover Part A co-insurance and hospital costs and 50, 75, or 100 percent of Part B co-insurance. From there, only certain co-pays and most importantly the deductibles are paid.
Seniors with an Advantage Plan may not use Medigap plans. Seniors with Medigap coverage may adopt an Advantage Plan, but will not be able to use Medigap plans. While no plan covers everything, Advantage Plans cover more than most and may even be cheaper if seniors shop around.
Advantage Plans and Medigap plans are only offered through private insurance carriers, completely outside government management. Each state and city has different premiums and rules about coverage, so seniors should carefully examine each Medicare Advantage Plan in Oklahoma City, OK, carrier’s information.
