The government provides health care plans for seniors that are 65 years old and above known as Medicare. However, this Medicare only covers 80 percent of all the approved expenses hence seniors are left with 20 percent of the hospital bills to cover. 20 percent can constitute a large amount of money, and some seniors still cannot afford. The industry has implemented standardized plans in such a way that private insurance providers sell the same plan. However, some companies offer additional discounts to entice more costumers.
Medicare Advantage Plan or Medicare Supplement Plan
There are supplement insurance providers that help these seniors with the remaining expenses the Medicare Health Plan did not cover. Private insurance companies provide these supplemental services such as Medicare Advantage Plan and Medicare Supplement Plan. These two plans are both health plans but offer different sets of benefits and coverage.
- Supplement Plan
Supplement plans apply to seniors that have availed the Medicare Part A and Medicare Part B. Part A covers the hospital charges of the clients. Medicare Part B, on the other hand, handles the physician fees.
- Advantage Plan
Advantage plan also covers Medicare Part C which includes the medical expenses of their clients. These Advantage plans offer a lower premium rate or how much they charge their client the services they purchased. Many insurance companies provide these services such as AARP Medicare Advantage Plan.
The areas to consider in purchasing supplement plans:
- State or country
Supplement plans are standardized per state or zip cope. Hence, the policies and drafted supplement plans in your country are different from the other country.
Age plays a ole in the premium rate of your supplement plan. As client ages, the monthly payments for the same plan increases. It is because as people age, their health status weakens.
- Health Issues
If the client has a severe health issue, the supplement plan requires them to more physician visits.Read More