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Although Medicare offers seniors affordable access to health care, it doesn’t cover all the medical expenses a policyholder may incur. As such, many seniors choose to buy additional coverage to fill in coverage gaps. If you’re looking for help reducing your out-of-pocket expenses, a Medicare supplement plan (also referred to as Medigap) or Medicare Advantage may be a solution. If you understand the differences between the two, you can select the option most suitable for your needs. Here’s an overview of how both options work.

Medicare Supplements vs. Medicare Advantage 

Medicare Supplement Plans

A Medicare supplement plan acts as secondary insurance to add to your traditional Medicare coverage. After Medicare pays its portion of your health care expenses, it automatically sends the remainder of your claim to your supplemental insurer. Supplemental plans cover claims or portions of claims Medicare doesn’t pay for, such as co-pays, deductibles, and co-insurance. When you have a Medigap plan, you can see any provider in the Medicare network of providers without a referral, and your out-of-pocket costs will be reduced.

Medicare supplementsMedicare Advantage 

In contrast, Medicare Advantage plans provide health insurance coverage through a private insurer, not the government. Similar to traditional Medicare, they cover medical expenses  for hospitalizations, doctor visits, and prescription drugs. However, they may be structured to also cover dental, vision, and hearing care along with gym memberships and transportation to and from medical offices and hospitals. You’ll be limited to health care providers in the plan’s network and responsible for paying amounts not covered in your policy.

 

If you’re interested in signing up for a Medicare supplement plan, turn to Wilmoth Insurance Agency Inc. in Cookeville, TN, for help exploring your options. They’ll carefully evaluate your situation to determine which plan will provide you with the best financial protection. Since 1939, they’ve been committed to making health insurance more accessible and less confusing for residents in Putnam County and surrounding communities. Call (931) 526-6181 to set up an appointment, or visit them online for more information about their services.

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