Many people get confused whether they should be purchasing Medicare advantage plan or medicare supplement plan. This is because both of tend to promise that they will be offering the same benefits. Both of them cover the extra charges for Medicare part A and Part B thereby allowing you to be stress-free about paying the charges. One significant thing to notice is that they both are offered by private insurance companies. Thus, if you have already enrolled yourself in a Medicare advantage plan, you won’t get the advantage to enroll in Medicare supplement plan.
What is medicare advantage plan?
Medicare advantage plan offers extra coverage on the amount that are usually not included in Medicare Part A and B. Also, medicare advantage plans are considered to be beneficial because in some cases they may offer charges for different, dental, vision and wellness programs. Most of the times, these even cover for the Medicare Prescription Drug or Part D.
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The Medicare supplement plan are offered by private insurance companies which help to cover the charges that aren’t covered by original medicare. These are also referred to as Medigap policies. The supplement plan offers coverage for coinsurance, copayment and yearly deductibles.
Can you switch between them?
There are two conditions under which you can switch your medicare advantage plan to the Medicare supplement plan such as annual open enrollment period or when you are shifting.
The annual open enrollment period is the time between October to December each year. In this time, you should analyze and calculate the insurance coverage and determine if you need changes and thus, you can have them. Once you get everything and analyze the change, and it will come into effect from the 1st of January in the new year.
If you are shifting from one place to another, you should know that your medical advantage plan will cease to be in effect in the area. There is a wide difference in the services provided in the areas. You may either select any private insurance company or transfer your policy to medicare supplement plan or original medicare. You should switch depending on your requirements. You also have the option for going to special enrollment period switch if you have any Medicare advantage plan, since they will cease to be in effect into your recent area.
You should check with your insurer, before making any switch.