OWith 2022 hosting a cost of living crisis in Americaseveral residents, especially those from low-income households, began to rely more on welfare schemes.
Wellness programs, such as the Supplemental Nutrition Assistance Program (SNAP), have seen an increase in applications seeking the wellness plan this year. This is largely due to the rising rate of inflation which has seen food prices soar this year.
Health insurance is another key wellness metric that US residents use more frequently. Targeting aging people, Medicare aims to provide different types of coverage and benefits to those who need it. That said, the plan has some shortcomings that need to be addressed through the use of additional measures such as Medicare Advantage and Medicare Supplement.
What is Medicare Advantage?
Medicare Advantage, also commonly referred to as Medicare Part C, is a health insurance plan provided by third-party insurers.
The plan essentially replaces your original health insurance plan by covering everything covered by your original health insurance plan plus additional benefits such as certain dental, hearing and vision coverage.
What is the Medicare Supplement?
Medicare Supplement, also known as Medigap, is a set of plans that aim to fill in the gaps that your original Medicare plan doesn’t address. Like Medicare Advantage, plans are provided by private insurance companies.
There are 10 different Medicare supplement plans to choose from in total, with these plans ranging from the letters A through N. These plans provide standardized coverage and pay for things like deductibles, coinsurance, and copayments.
It is important to note however that these plans do not cover prescription drugs, which will require a Medicare Part D plan to obtain.
What is better?
Both plans have their pros and cons. If you prefer to have a comprehensive plan, then Medicare Advantage would be the best choice. However, if your primary goal is to seek personal expense protection, the Medicare supplement would be the best bet.