This is a very common question, especially among people who are just getting started with Medicare. The short response is that it is debatable. It depends on a number of factors, including the types of healthcare services you need each year, the amount of consistency you expect in terms of where you get your services, and a variety of other factors.
When it comes to the differences between Medicare Supplement (also known as Medigap) and Medicare Advantage (also known as Part C), one of the most common misunderstandings is that they operate somewhat differently, despite the fact that they are both considered Medicare alternatives and, as such, are overseen and controlled by the federal government's Centers for Medicare & Medicaid Services (CMS).
Medicare Advantage (MA) is all-inclusive: it blends your healthcare coverage and insurance into a single package, allowing you access to a range of benefits, physicians, and other facilities. You will be paid a premium for MA that is different from the cost of your Medicare Part B premium, and the amount varies greatly depending on where you live.
Also Read: Tips For Choosing The Right Medigap Plans
Also Read: What Is Humana Medicare Supplement Plans?
In comparison, Medicare Supplement Plan (Medigap) operates similarly to standard insurance products in that it helps offset the expenses of Medicare-approved programs when you use them. In reality, one way to consider it is to consider the name: Medigap. Original Medicare (Parts A and B) only covers a fraction of the fees associated with the services you receive in many cases.
This can result in a “gap” between what you're paying for services and what Medicare is willing to pay. Medigap policies aim to cover a portion of the difference between these amounts, minimizing the amount you will be responsible for. When you choose a Medigap plan, you'll pay a standard premium (on top of your Part B premium) and, depending on the plan form, you might have a deductible.
This may still be very confusing. Call us to help you better understand which path to follow when setting up your Medicare coverage.
Medicare is covered only by home health care services prescribed by a physician and delivered by qualified nurses, although patients must meet strict eligibility criteria.
What is the easiest way to apply for Medicare? Well, you are in the right place! Most people were automatically enrolled and became eligible for Social Security when they turn to 65. We didn't need to apply for Medicare until President Reagan signed the legislation which raises the retirement age in 1983 and begins in 2003.
While eye care is a common need as we age, Medicare coverage is extremely restricted for most vision services. It is normally based on whether you encounter any medical problems that can impair your eyesight.
Many people believe that Medicare is free because, for much of their working life, you have paid into Medicare by taxes, but that assumption is not right.