Supplemental Insurance in Forked River, NJ
When you sign up for Original Medicare, which includes Part A hospital and Part B medical insurance, you can add a supplemental Medicare plan, also known as Medigap, or replace your Original Medicare coverage with a Medicare Advantage plan. You can also keep your Original Medicare coverage and forgo a supplement plan.
Contact Findlow Insurance to learn more about your Medicare coverage options and get personalized quotes for Medicare Advantage and supplemental Medicare plans.
What Is a Medicare Supplement Plan?
Medicare supplement plans, also called Medigap plans, are designed to fill coverage gaps with Original Medicare to help pay for certain out-of-pocket expenses.
What Do Medicare Supplement Plans Cover?
These may include the following:
- Part A deductible
- Part B deductible
- Part B excess charges
- Medicare Part A coinsurance and hospital costs
- Medicare Part B coinsurance or copayment
- Part A hospice care coinsurance or copayment
- Skilled nursing facility coinsurance
Types of Medicare Supplement Plans
Medigap plans, named A–D, F, G, and K–N, provide the same coverage in most states. Premiums may differ depending on your location and the insurer.
What Is Medicare Advantage?
Medicare Advantage, also known as Medicare Part C, provides an alternative to Original Medicare (Parts A and B) and may include coverage for medical services not covered by Original Medicare, such as hearing, vision and dental care. Medicare Advantage plans may also include prescription drug coverage.
Medicare Advantage plans are optional. Private insurers provide access to Medicare Advantage plans in your area that follow Medicare’s rules about healthcare coverage. Some plans may be available for a low monthly premium.
Your potential out-of-pocket medical costs with a Medicare Advantage plan depend on the insurance company’s rules. Medicare Advantage plans require you to get medical care from in-network providers. Depending on your chosen plan, you may be required to get a referral from your primary care provider to see a specialist.
Medicare Advantage vs. Medicare Supplement (Medigap) Plans
Medicare supplement plans and Medicare Advantage plans provide different Medicare coverage. While Medicare Advantage plans provide an alternative to Original Medicare coverage and may include prescription drug coverage, Medicare supplement plans work with Original Medicare to help reduce out-of-pocket healthcare costs.
If you have Original Medicare and a Medicare supplement plan, you can sign up for Part D coverage to help pay for covered prescription drugs. However, if your Medicare supplement policy includes drug coverage, you cannot purchase Part D coverage.
Each Medicare Advantage plan has a network of healthcare providers in a specific geographical area. You may not have coverage if you seek medical services from out-of-network healthcare providers, or the out-of-pocket costs for out-of-network providers may be higher than in-network providers.
Original Medicare allows participants to seek healthcare services from any participating provider, regardless of location.
Medicare Advantage plans and Medicare supplement plans may require a monthly premium payment. Copays, deductibles and coinsurance amounts vary according to the plan’s rules.
How to Get Medicare Coverages
Contact Findlow Insurance today to learn more about your New Jersey Medicare coverage options. We can help you get a personalized quote for a Medicare Advantage or Medigap plan to help ensure the best possible coverage for your situation.