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Have you ever wondered about whether you could have a Medicare Advantage Plan and a Medicare Supplement policy? In this video I will address that topic and explain why having both types of Medicare Plans at the same time is not allowed
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A subscriber had asked me whether he could have a Medicare Advantage Plan and a Medigap policy at the same time. To answer the question, here's a review of both Medicare Advantage and Medicare Supplemental insurance.
Medicare Advantage Plans (sometimes called Part C) are available from private insurance companies that are contracted with The Centers for Medicare and Medicaid Services to provide and administer your Medicare benefits.
Instead of being subject to the Medicare Part A deductible and the 20% coinsurance for Medicare-covered outpatient services, Advantage Plans can set their own out-of-pocket amounts. These are deductibles, copayments and coinsurance.
When you enroll in a Medicare Advantage Plan, you agree to pay these amounts for covered benefits.
A Medicare supplement is also offered by a private insurance company and is also known as Medigap. Medigap policies work in conjunction with original Medicare (rather than being another way to receive Medicare benefits) to pay a portion your out-of-pocket expenses, Medicare Part A deductible, Medicare Part B deductible and Part B coinsurance, etc.
You cannot have a Medicare Advantage Plan and a Medicare supplement at the same time because a supplement will not pay any of the out-of-pocket expenses associated with a Medicare Advantage Plan.
To learn more about Medicare Advantage —
To learn more about Medicare supplements —