Medical expenses are one of the things retirees worry about the most. Medicare helps to cover these expenses, although it doesn't always cover everything. Supplemental insurance, often referred to as "medigap," covers the gap where Medicare leaves off. This is different than another option the Medicare insured have, the Medicare Advantage Plan. Here's what you need to know.
What Is The Medicare Advantage Plan?
The Medicare Advantage Plan is an insurance policy offered on the private market. It must legally cover the same things as the federal government's Medicare plan does.
So why would you want to switch to a private insurance company? The non-government insurer takes advantage of a wider customer base. It works similar to a preferred provider organization (PPO) or a health maintenance organization (HMO.)
A preferred provider organization works by having members choose physicians and other providers from a network of skilled professionals who have contracted with the insurance carrier to provide services at set rates, often lower than that which would be found if you used traditional Medicare. If you feel you need to see a specialist rather than a general practitioner, you simply pick one who is a member of the network and schedule an appointment.
A health maintenance organization differs slightly. Members choose a primary care physician and then all services are provided through them. If the primary care physician determines you have an issue that is outside of the area of expertise, he or she will then refer you to a specialist that is within the network. For example, if you have an issue with your feet, you would need to see your primary care physician first. If he feels your problem warrants a visit to the podiatrist, he will then refer you to one in the network. Services outside of the network aren't usually covered except in the case of an emergency.
Why Is A Medicare Advantage Plan Beneficial?
Like most things from the federal government, Medicare rules and regulations can be difficult to maneuver. They can also be incredibly slow in approving things and paying the bills. With a Medicare Advantage Plan, you have insurance industry professionals who know what they are doing taking care of business.
A Medicare Advantage Plan can also be less confusing. Instead of having Medicare Part A, Medicare Part B, and Medicare Part D, which all cover different things, a Medicare Advantage Plan integrates all of the services into one. For more information, contact businesses like Senior Care Insurance Services.Share