I have Medicare, why do I need another insurance plan? 

There are many options when it comes to how you receive your Medicare benefits. If you have enrolled in Original Medicare Part A and Part B, you may have questions about your other options.


Original Medicare Part A and Part B 

Original Medicare Part A and Part B + Medicare Supplement Insurance Plans

Medicare Supplement plans, better known as Medigap policies, work with Original Medicare Part A & Part B. These plans are referred to as Medigap Plans because they help fill in the “gap” between what is covered by Original Medicare Parts A and B, and your out-of-pocket expenses. Plans A, B, D, G, K, L, M, and N are currently available for new enrollees. Medicare Supplement Plans (Medigap) have significant differences when it comes to cost, additional benefits, and how they work based on the plan’s provider.

If you select a Medicare supplement, the rates can be: 

  • Attained Age – based on your age at enrollment. The prices will be lower when you first enroll, but prices may increase as you get older.
  • Issue Age – based on your age at the time of enrollment. Once the policy is issued, it will never go up specifically based on your age.
  • Community Rated – rate is based within a given territory at the same price to all persons without medical underwriting, regardless of their health status.

Medicare Advantage Plans – Part C

While Original Medicare Part A and Part B give you the flexibility in choosing your healthcare providers, there is no limit on your maximum out-of-pocket expenses. These expenses can add up quickly, once you factor in deductibles, co-pays, co-insurance, and any other costs. Selecting a Medicare Advantage plan as an alternative to Original Medicare may be a more viable option for how you receive your Medicare health benefits.

Medicare Advantage plans are required to provide the same coverages as Original Medicare Part A and Part B, and many Medicare Advantage plans offer additional benefits to cover the costs of prescription drugs, routine dental, vision and hearing care, and vary by plans.

Like the added benefits in your Medicare Advantage plan, your cost will also vary based on the plan you select and where you live. If you select a Medicare Advantage plan, premiums can range from $0 to the upper $300s. 

Whether you choose Medicare Advantage or Medicare Supplement, you are still required to pay the Original Medicare Part B premium. The standard premium for original Medicare Part B is $135.50 but may vary based on your income. Having another insurance plan helps you with cost-sharing, and may give you additional benefits. If you would like assistance in finding the best option for you, contact the experts with Medicare Pathways today.