Understanding Your Medicare Coverage Options
Medicare provides health coverage for eligible individuals, generally beginning at age 65, as well as certain younger individuals with disabilities or qualifying medical conditions.
Your coverage decisions may involve Original Medicare, Medicare Advantage, prescription drug coverage and Medicare Supplement insurance. Understanding how these options differ can help you evaluate coverage based on your healthcare needs, preferred providers, prescriptions and budget.
A licensed insurance agent can explain Medicare Supplement insurance and Medicare Advantage plans available in your area and help you compare their coverage, costs, provider access and other important considerations.
Two Ways to Receive or Supplement Your Medicare Benefits
Medicare Advantage Plans
Medicare Advantage plans are offered by private insurance companies approved by Medicare. These plans provide Medicare Part A and Part B benefits and may include prescription drug coverage and additional benefits.
Benefits, premiums, provider networks, service areas and out-of-pocket costs vary by plan and may change each year.
Medicare Supplement Insurance
Medicare Supplement insurance, also called Medigap, works with Original Medicare to help pay certain out-of-pocket costs, such as eligible copayments, coinsurance and deductibles.
Generally, you must have Medicare Part A and Part B to purchase a Medicare Supplement policy. Medicare Supplement insurance does not work with Medicare Advantage. Medicare’s official guidance confirms that Medigap supplements Original Medicare, while a person generally cannot purchase it while enrolled in Medicare Advantage.
Guidance Based on Your Needs
Your healthcare providers, prescriptions, anticipated healthcare use, travel needs and budget can all affect which available coverage may be appropriate for you.
A licensed insurance agent can help you review available Medicare Supplement and Medicare Advantage products, explain important differences and answer your questions. Enrollment and eligibility remain subject to Medicare requirements and applicable plan rules.