Vella Insurance Services in Austin offers comprehensive Medicare plans, which are available for older adults and anyone who may qualify, including those that need supplement or advantage plans. Our agents are available to help you choose the customized coverage that will work for you and your financial situation. We will educate you on what is covered with your plan, what doctors are in your network, discounts and other perks that you may be eligible for, and more. Read more information about the Medicare coverage we offer below.
Before choosing a plan to Supplement Medicare, (Medicare A & B alone is an 80%/20% plan. You are responsible for the 20% on your Medical services, which could be expensive), we want to be sure you know the difference between your many options; in particular, how Medicare Supplement Insurance Plans and Medicare Advantage Plans differ. Many people sign up for Advantage Plans thinking they are Supplements, they are not.
A Medicare Supplement Insurance plan is used with original Medicare A & B. Medicare pays their part (generally 80% of Medicare covered benefits) and sends the remainder of the bill to the Supplement which pays their part (generally 20%). It is important to note that Supplements do NOT include the MANDATORY Prescription Drug Coverage (Part D, PDP) and for those that do not get a PDP when first eligible there will be a penalty when they do get a PDP. (There are exceptions to this) A Medicare Supplement does not change year to year (although the cost does generally go up, the coverage does not change). A Medicare Advantage plan (Part C & D) works differently than a Supplement. With a Medicare Advantage Plan, a private company TAKES OVER for Medicare, and the Advantage Plan pays your bills. These plans may be either a PPO or HMO type of plan. With this type of plan it is important to remember several things. First, most Advantage Plans have Networks so you want to make sure your doctor and hospital, are within the network. (Otherwise, you will be paying higher costs and in some cases, are responsible for 100% of care outside the network). Second, Advantage Plans have co-pays associated with them. Some of the medical services you receive will have a copay to pay and they can add up. But, each plan has a MAXIMUM that you will pay. Third, most Advantage Plans have the Part D “built in” which is a nice bonus, but you must be aware that when switching to a Supplement from an Advantage Plan you will also need to add a Part D. Lastly, Advantage Plans typically have value added benefits. These benefits vary between plans, but typical benefits include Health Club membership, limited dental, eye and/or vision. Also, not all Plan D’s are the same. Although they are required to be at least as good as the Medicare model, they can vary greatly in costs, co-pays, and specific drugs that are covered. It is important to check which one suits you and continue to check each year because they (like Advantage Plans) do change every year. You’ll want to do a cost comparison of your Rx list. Because these plans vary even from county to county, we strongly recommend that you talk to an independent insurance agent to help you choose the one that best suits your needs. Medicare Supplement Insurance Plans, sometimes referred to as Medigap plans benefits are standardized by Federal & State LAW. Each standardized Medigap policy MUST offer the same basic benefits, no matter which insurance company sells it. Cost is usually the only difference. They are identified by the letters A through N. We then add-on a PDP plan so you are COMPLIANT with Medicare rules, and then you’ll avoid a penalty.