As a physician, you know that Original Medicare only covers 80% of approved costs. When you retire, you will be looking for a way to cover that remaining 20%.
That’s where Medicare Advantage (Part C) and Medicare Supplement insurance (sometimes called Medigap) come in.
Both Medicare Advantage and Medicare Supplement insurance cover costs that Original Medicare doesn’t cover. But they work differently. And one may be better suited to your needs.
Medicare Supplement insurance works with Original Medicare (Parts A and B). Original Medicare pays its benefit to the provider, and the Supplement plan pays all or part of the remaining costs. Medicare Advantage actually replaces Original Medicare, with Medicare paying the private insurance company to cover your care. Then the company, not Medicare, pays benefits to providers who have agreed to accept its payments.
Benefits of Medicare Advantage and Medicare Supplement insurance cannot be combined. And you can’t use the benefits of one to pay premiums of the other. But no matter which one you choose, you must be enrolled in Medicare Part B and continue to pay your Part B premium.
That’s a decision only you can make. It will help to take a look at the plans side-by-side.
How they compare on features that count.
Some Medicare Advantage plans may offer additional features and benefits, like some vision, hearing and dental services. In addition, some plans may choose to offer coverage for services like transportation to doctor visits, over the counter drugs, and services to promote health and wellness. Benefits, eligibility and limits may vary by plan.
Yes, according to the insurance professionals at AMA Insurance. Many physicians appreciate the ease and flexibility of a Medicare Supplement insurance plan, with no network, no need for referrals, and its wider selection of providers.
The chart above is a brief overview to get you started, and with all the variables, you will want to take a closer look. When you are ready, you can always call on the licensed agent/producers of AMA Insurance. Specialists in the insurance needs of physicians, they have been offering plans that protect physicians’ families and assets for more than 30 years.
Not connected with or endorsed by the U.S. Government or Federal Medicare Program.
* Important Information: Kentucky: IN ORDER TO QUALIFY FOR A MEDICARE SUPPLEMENT INSURANCE PLAN DURING OPEN ENROLLMENT YOU MUST BE TURNING 65 OR OLDER. IF YOU ARE UNDER 65 AND ENROLLED IN BOTH MEDICARE PART A AND PART B AND YOU QUALIFY FOR A MEDICARE SUPPLEMENT INSURANCE PLAN, THE COMPANY MAY PERFORM UNDERWRITING IF YOU ARE NOT ELIGIBLE FOR A GUARANTEED ISSUE PERIOD.
Missouri: In order to qualify for a Medicare Supplement insurance plan during open enrollment you must be turning 65 or have part B. A Medicare Supplement insurance plan may also be available to people under age 65 with certain disabilities and people of any age with End-Stage Renal Disease (ESRD). Persons who are covered by a Medicare Supplement insurance plan may move to another company within 30 days of their annual policy anniversary date and the company must issues, on a guaranteed issue basis, a policy which is the same as the plan under which the insured was most recently covered.
New York: MEDICARE SUPPLEMENT INSURANCE IS ALWAYS GUARANTEED ISSUE AND OPEN ENROLLED IN NEW YORK.
Texas: Open enrollment is the 6 month period beginning on the first day of the month in which you are enrolled in Medicare Part B. If you are on Medicare under age 65, you will also have a 6 month open enrollment period when you reach age 65.
OUTLINE OF COVERAGE AVAILABLE UPON REQUEST.
Medicare Supplement insurance products underwritten by Transamerica Life insurance Company (TLIC), 6400 C Street SW, Cedar Rapds, IA 52499 or Transamerica Financial Life Insurance Company (TFLIC), 440 Mamaroneck Avenue, Harrison, NY 10528. TFLIC is licensed to conduct business new New York. TLIC is authorized to conduct business in all other states. In some states, Medicare Supplement insurance plans are available to qualified individual under age 65.
To maintain these valuable benefits, AMA is reimbursed for administrative expenses incurred in connection with this program.
No portion of AMA membership dues is used by AMA Insurance Agency, Inc. to support the marketing efforts of the AMA-sponsored Medicare Supplement Insurance Program.
EB3 2567908 V 10/23
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Medicare Supplement insurance plans administered by AMA Insurance are the only ones sponsored by the American Medical Association. Experience our highly personalized Physicians Signature Service®. When you have questions, need assistance, or want your claims handled with the utmost care, efficiency, and attention to detail, AMA Insurance will be there for you. Physicians are not just our top priority; they’re our only priority.