What is Medicare? – A Complete Guide for 2024

Medicare Supplement Insurance, or Medigap, is extra coverage for Original Medicare. It helps with costs not covered by Parts A and B. These gaps could make you pay a lot out of pocket. Medigap policies fill in these spaces.

You can get a Medigap plan from private insurance companies. They help with coinsurance, co-pays, and deductibles. This gives you peace of mind for your health expenses.

These plans only work with Original Medicare, not Medicare Advantage. Signing up can protect you from big medical bills.

How Medicare Supplement Insurance Works

With a Medigap policy, Original Medicare pays its part first. Then, your Medigap plan kicks in to help with the rest. This can lower your medical costs.

All Medigap plans have the same basic benefits. But, each type, like Plan F or G, offers different coverage. Choose the one that fits your needs best.

Think about your health and financial needs when picking a plan. Some have higher monthly fees but offer more coverage. Others cost less each month but need more out-of-pocket payments.

Selecting the Right Medigap Plan

It’s important to choose wisely from the many Medigap options. Consider what medical services you might use. Look for a plan that covers those needs.

Also, think about your monthly budget. You need to afford the plan you pick. Not all plans are available everywhere, so check what’s offered in your area.

Our table explains the benefits and costs of each Medigap plan. It can help you compare them. Use it to understand your options better.

Medigap PlanCoveragePlan ACoverage for basic benefitsPlan BIncludes Plan A benefits and coverage for Part A deductiblePlan CIncludes Plan B benefits and coverage for Part B deductible, excess chargesPlan DIncludes Plan C benefits and coverage for skilled nursing facility care co-insurancePlan FIncludes Plan D benefits and full coverage for Part B excess chargesPlan GIncludes Plan F benefits, except for the Part B deductiblePlan KIncludes partial coverage for all benefitsPlan LIncludes partial coverage for all benefitsPlan MIncludes partial coverage for all benefitsPlan NIncludes Plan D benefits, except for specific co-pays

Source: Medicare.gov

Remember, the cost and choice of plans vary by location. Compare each plan carefully. Find the one that matches your needs and budget best. 

Medicare Advantage

Medicare Advantage, or Medicare Part C, is from private insurers certified by Medicare. It brings together Medicare Parts A, B, and often Part D. These plans, like HMOs or PPOs, usually manage care.

The perk of Medicare Advantage is its possibly lower costs than Original Medicare. Also, these plans might include more, like dental, vision, and drug coverage.

Original Medicare

Original Medicare includes Part A (for hospitals) and Part B (for medical care). It’s the classic national plan directly from the government. With it, you can go to any Medicare-accepting provider throughout the USA.

Yet, Original Medicare doesn’t cover dental or vision. For medicines, you need a standalone Part D plan. This is different from Medicare Advantage’s comprehensive coverage.

Your best choice between Medicare Advantage and Original Medicare depends on your health needs. Think about the cost, which doctors you can see, extra benefits, and how flexible the coverage is.