Medicare is a federal health insurance program in which those who are 65 or older or individuals with certain disabilities are invited to take advantage of
However, Medicare does not cover all health care expenses, meaning you may need to look into additional policies in order to cover these out-of-pocket costs. There are two main options available to cover Medicare coverage gaps: Medicare Advantage and Medicare Supplement plans.
The main difference between a Medicare Advantage plan and a Medicare Supplement plan is that a Medicare Supplement plan acts in addition to your Original Medicare policy. A Medicare Supplement plan will help to cover deductibles and extra co-payments that are not fully covered by Medicare A and B.
In contrast, a Medicare Advantage plan completely replaces your Original Medicare plan. These plans work in a similar fashion to a group health insurance plan and have set copays for various services and a network of doctors that participate. One major perk of a Medicare Advantage plan is that your coverage includes the costs of prescriptions, whereas with Original Medicare you would have to purchase Part D prescription drug coverage separately from an insurance company.