Medicare Advantage Plans are insurance plan coverage offered by a private company which contracts with the federal government to provide all your Part A (hospitalization) and Part B (doctor visits) benefits. Most Medicare Advantage Plans (Medicare Part C) also offers prescription drug coverage (Medicare Part D). Regular Medicare only offers hospitalization and office visit coverage, leaving you to purchase a separate prescription drug coverage. If you did not enroll in a Medicare Advantage Plan, you would probably need a Medigap plan for supplemental coverage to pay for expenses not covered by traditional Medicare.
However, with a Medicare Advantage Plan, you get everything that original Medicare offers plus so much more – all in one plan. Plan benefits can vary from one carrier to the other; some may offer transportation, dental coverage, and a gym membership, while others offer limited transportation, and higher out of pocket costs.
Medicare Supplement Plans, which are also federally regulated, offer the same benefits across the board, whether the carrier is Cigna, Aetna, Blue Cross, Blue Shield, etc. Although the benefits are the same, the insurance company can charge different premiums.
There are many factors to consider when choosing a Medicare Advantage plan or original Medicare. Before deciding on which plan to choose, it is important to look at all your options and weigh the costs and benefits to decide on which coverage works best for you.
It is best to consult with one of HRBC’s experienced agents to go over these options and determine which are best suited for you. Our highly trained and experienced HRBC agents will typically offer a wide variety of Medicare plans through different companies, providing you a one-stop shop to purchase insurance coverage. One important thing to remember is that prior to turning age 65 (3 months prior or 3 month after), you need to sign up for Medicare through the Social Security website portal. This can often times be difficult to navigate through, and leaning on one of our trained professionals will alleviate any unnecessary stress while ensuring you’re covered and no penalties are issued for untimely registration.