Before you make any decision, it is extremely important that you understand these differences as the choice you make today could affect you for years to come.
Your cost for a plan is the same whether you purchase it from a licensed agent at My Health Insurance Shop or directly through the company. The difference is, since we are not employees of any one particular company and appointed to sell products from virtually every local and national carrier; we are unbiased and not forced to sell only one product. We want to find the plan that is right for you.
Once you become a client of the My Health Insurance Shop, we take great pride in customer service. We have a dedicated staff to take care of any problems you have regarding you policy such as billing or claim issues, prescription coverage issues, etc.
What is Medicare Supplement Insurance (Medigap)?
A Medicare Supplement Insurance (Medigap) policy, sold by private companies, can help pay some of
the health care costs that Original Medicare doesn't cover, like copayments, coinsurance, and
Some Medigap policies also offer coverage for services that Original Medicare doesn't cover, like medical care when you travel outside the U.S. If you have Original Medicare and you buy a Medigap policy,
Medicare will pay its share of the Medicare-approved amount for covered health care costs. Then your
Medigap policy pays its share.
A Medigap policy is different from a Medicare Advantage Plan. Those plans are ways to get Medicare
benefits, while a Medigap policy only supplements your Original Medicare benefits.
8 things to know about Medigap policies
1. You must have Medicare Part A and Part B.
2. If you have a Medicare Advantage Plan, you can apply for a Medigap policy, but make sure you can
leave the Medicare Advantage Plan before your Medigap policy begins.
3. You pay the private insurance company a monthly premium for your Medigap policy in addition to the
monthly Part B premium that you pay to Medicare.
4. A Medigap policy only covers one person. If you and your spouse both want Medigap coverage, you'll
each have to buy separate policies.
5. You can buy a Medigap policy from any insurance company that's licensed in your state to sell one.
6. Any standardized Medigap policy is guaranteed renewable even if you have health problems. This
means the insurance company can't cancel your Medigap policy as long as you pay the premium.
7. Some Medigap policies sold in the past cover prescription drugs, but Medigap policies sold after
January 1, 2006 aren't allowed to include prescription drug coverage. If you want prescription drug
coverage, you can join a Medicare Prescription Drug Plan (Part D).
8. It's illegal for anyone to sell you a Medigap policy if you have a Medicare Medical Savings Account
What is a Medicare Advantage Plan?
A Medicare Advantage Plan, sometimes called a “Plan C” or an “MA Plan”, is a plan offered by private companies approved by Medicare. Medicare pays these companies to cover your Medicare benefits.
If you join a Medicare Advantage Plan, the plan will provide all of your Medicare Part A
(Hospital Insurance) and Medicare Part B (Medical Insurance) coverage. This is different than a
Medicare Supplement Insurance (Medigap) policy.
What do I need to know about Medicare Advantage Plans
There are different types of Medicare Advantage Plans:
HMO Plans, Health Maintenance Organization plans.
PPO Plans, Preferred Provider Organization plans.
PFFS Plans, Private Fee-for Service plans.
SNP Plans, Special Needs Plans.
HMOPOS Plans, HMO Point-of Service plans.
MSA Plans, Medical Savings Account plans.
Who can join a Medicare Advantage Plan?
You must have Medicare Parts A and B and live in the plan’s service area to be eligible to join.
People with End-Stage Renal Disease (permanent kidney failure) generally can’t join a Medicare
How much do Medicare Advantage Plans cost?
In addition to your Part B Premium, you usually pay one monthly premium for the services included in a Medicare Advantage Plan. Each Medicare Advantage Plan has different premiums and costs for services, so it’s important to compare plans in your area and understand plan costs and benefits before you join.