When you turn 65, you are eligible to receive Medicare coverage. Original Medicare, which includes Part A and Part B, is where many people start. But this coverage provided by the federal government, could you leave you with out-of-pocket expenses. That’s because Medicare Parts A and B were designed to generally cover only 80% of your medical costs.
You can get additional health benefits outside of the coverage Original Medicare offers. Other types of plans, like Medicare Advantage and Medicare Supplement insurance, can provide you with more benefits or coverage than Parts A and B offer. Both Medicare Advantage and supplemental-type policies are provided by private insurance companies that are approved by Medicare. They can help reduce your out-of-pocket costs when you receive care.
So, what’s the difference between a Medicare Advantage Plan and a Medicare Supplement insurance plan? Here is a helpful chart:
Everyone’s needs are different. It is important to think about your individual situation when choosing a plan. There are also helpful tools you can use https://www.medicare.gov/medicare-and-you to research your specific needs. But no matter which path you choose, you’re making an excellent choice by helping protect what matters most – your health!