Medicare Advantage Plans
Medicare Advantage Plans are a different animal. They are not a supplement but plans offered by private insurance companies. Part C, Medicare Advantage plan combines Part A & B (yes you still have to have them) and sometimes include your Prescriptions and additional benefits like dental and vision. Make sure you understand the different choices available.
What type of Insurance Plans are available for someone on Medicare?
You really have two options. You can purchase a Medicare Supplement plan or choose a Medicare Advantage Plan. Either way you must sign up for Medicare Part A and Part B.
Medicare Supplement/ Medigap
If you want to go the supplement route then you need to find a Medicare Supplement or Medigap plan (they mean the same thing and help cover your deductibles, co-pays and coinsurance.) Hence their names! You have so many choices and every insurance company wants your business. They say they all have the best plans, choices and costs.
Be a smart consumer and shop around. All Medicare Supplement plans are standardized (that means the benefits are identical with every Insurance Company that sells Plans A-N) For Example: Plan F benefits are the same with every company that sells them but pricing is different and there can be a huge gap between lowest and highest priced policies. My mom always told me not to buy cheap and was she ever right in regards to a Medicare supplement plan. You want a good solid company that has been in the Medicare Supplement market for years. See below for the comparison of the different Medicare Supplement Plans.