This is a common question we are asked. The simple answer is NO, you can’t be enrolled in a Medicare Supplement Plan and a Medicare Advantage Plan (Part C) at the same time. These plan types operate differently and are not compatible with each other.
How does a Medicare Supplement Plan work?
Medicare Supplement plans cover the gaps in Original Medicare Parts A and B. Simply put they cover the 20% Medicare does not. Some plans you will be responsible for the Medicare Part B deductible each year. They also do not have any networks and you will need to purchase a stand-alone Prescription Drug Plan. Plan premiums are based on age, zip code and vary by the insurance carrier. As you get older the plan premiums will increase.
How does a Medicare Advantage Plan work?
Medicare Advantage Plans (Medicare Part C) are sometimes called Medicare Replacement Plans. These plans are operated by private insurance companies. They process and provide all the benefits of Original Medicare on Medicare’s behalf. These plans also add additional benefits beyond Medicare such as prescription drug coverage, gym memberships, dental, vision and hearing benefits. Monthly premiums usually start a $0 per month. These plans also will have networks that you need to use unless in an emergency situation. Plans will have copays and maximum out-of-pocket limits per year.
Which plan type is right for me?
Medicare plans are not one size fits all. Many factors such as budget, health, your travel habits and risk tolerance are just a few points to help you make that decision. Meeting with a licensed Perfiniti agent can help you narrow down your choices and project future costs associated with the different plan types.
When can I switch plans?
Medicare Supplement Guarantee Issue Period
You have 6 months from the time your Part B coverage becomes effective to enroll in a Medicare Supplement Plan without any underwriting. After this 6-month period, you will be subject to underwriting and are not guaranteed a policy.
Annual Election Period (AEP)
Runs October 15 – December 7. During this period, anyone with Medicare can change their Medicare Advanatge and prescription drug coverage for the following year.
Medicare Advantage Open Enrollment Period (OEP)
Runs Jan. 1 - Mar. 31. During this period Medicare Advantage Plan enrollees can make a one time switch to another Medicare Advantage Plan or go back to Original Medicare and enroll in a stand-alone Prescription Drug Plan (PDP)
Special Election Periods (SEP)
You can make changes to your Medicare Advantage and Medicare Prescription Drug Coverage when certain events happen in your life.
✅ Moved out of your plan’s service area
✅ Left group coverage
✅ Recently qualified for Medicaid/Extra Help
✅ Recently lost Medicaid/Extra Help