If your Medicare Advantage plan is not renewed by 2019, you should evaluate your options. It is comforting to know that you have several options.
- Go back to traditional Medicare and buy Part D drug coverage.
- Enroll in another Advantage plan.
- Buy a Medicare supplement and Part D drug coverage.
If your Medicare Advantage plan is not renewed for 2019, start exploring your options before. Your current Advantage plan will end at midnight on December 31. You do not need to stay with the same company if they have an alternative plan available. You should take the time to review all available options. Armed with knowledge, you can choose the right coverage and be protected for next year. The Medicare Advantage plans are flexible.
Medigap Insurance, often called the Drug Plan, underwent significant changes as of June 1, 2010. Medigap, the health insurance plan designed to cover deductibles and coinsurance, Medicare beneficiaries must pay upon access. Health services just had an important review. Several plans have been removed and new ones have been added.The Medigap E, H, I and J plans have been eliminated. These were called “home recovery benefit” and “preventive care benefit” plans. Plans M and N are added, although it is not certain that all companies offer the new ones. However, the benefits of palliative care have been added to all new Medigap plans.
Medicare Supplement: A Medigap supplement or insurance is an insurance policy offered by a private insurance company to fill in the gaps left by Medicare. When Medicare was promulgated in 1966, it was not meant to be full coverage. The recipient is responsible for a certain level of cost sharing. Generally speaking, the recipient is responsible for the deductible of hospital, co-payments after extended stays and 20 percent of outpatient fees. A private insurance firm also offers an Advantage plan, but rather than filling in the loop holes left by Medicare, the Advantage policy is another means to get your Medicare benefits. Insurance companies hire and are approved by CMS (Centers for Medicare and Medicaid Services) to manage your Medicare.
A conventional Medicare supplement plan is very distinct from Medicare Advantage. For Medicare Supplements, you are going to make use of your original Medicare card and include your health card. The policies are also provided by insurance firms, however, they simply complement the deductibles and gaps not offered by the original Medicare Parts A and B. If you signed up for Medicare Parts A and B, your Medicare supplement policy will pay for the part of your medical fees which will not be covered by Medicare. Obviously, Medicare supplement plans are different and, therefore, you should know what parts of the Medicare supplement plan you will pay before enrolling. For example, Medicare may be 80% of your hospital bill and your supplement will receive the other 20%.