Differences between Colorado Medicare Supplement Plans and Medicare Advantage
Most insurance plan holders or insurance shoppers take the word Medicare when getting health insurance to mean the same thing when discussing Colorado Medicare Supplement Plans and Medicare Advantage Plans. This is inaccurate however and it is vital that you choose the right plan between the two in order to get the most benefit from your health insurance plans.
While it is true that both plans are used in Medicare, their provisions as well as their payments are different. Medicare supplement plans and Medicare Advantage are considered plans which cover the areas that your normal Medicare plan are not able to fill. This is also why they are typically called Medigap plans.
Medicare Advantage plans do actually offer you the same advantages as your regular Medicare insurance plans but has quite a number of additional pieces that come with it. The plan is also typically referred to as the Medicare Part C. Unlike regular Medicare however it is a plan that is put in place and offered by private companies that sell insurance.
With Medicare Advantage, since you are signing up with a private insurance company you no longer have to pay separately for the Medicare plan that you have and instead that part will be paid by the insurance company. The only thing that you will be paying for is obviously your monthly premium. You will also be responsible for making copayments with your visits. Instead of sending off billing to Medicare, medical providers will bill to the Medicare Advantage plan. It is also important to note that in general, most of the Medicare Advantage plans are inclusive of a Part D plan for prescription drugs.
In the case of the Medicare Supplement, as an insurance plan holder you do pay monthly premiums to Medicare. You should also note that unlike the Medicare Advantage plan, you have the capability to choose your own doctors with the supplement plan. This means that your main concern is just that you use hospitals that accept Medicare. The other advantage of this plan is that you don't really have to worry too much about any changes that may take place when it comes to plans and any plan changes will mean only a change in deductibles, copayments and the like. The supplement plans pay for both items in the Part A as well as Part B which includes deductibles on both as well as the coinsurance for Part B.
Ultimately you choose which type of a plan you're after but getting insurance quotes from an authorized insurance agent and understanding these quotes will help you decipher the Colorado Medicare supplement plans. Contact us now for those quotes.