The Affordable Care Act requires that all Americans have health insurance or pay a fine when it is time to file taxes. You may be looking for alternatives that reduce the cost and allow you to avoid the fine. One option people consider is a medical share program, instead of insurance. Learn about how this works and whether it is a good alternative to health insurance.
What Is a Medical Share Program?
Medicare Supplement and Medicare Advantage plans help beneficiaries cover expenses that are not paid by traditional Medicare plans. Nevertheless, the two insurance plans are not the same. Here are four differences you may want to consider when purchasing your plan:
1. Supplemental Provisions
Medicare Supplement plans, which are also called Medigap plans, cover only expenses left over after Medicare has paid. In addition, medical services, such as vision and dental care, that are disallowed by traditional Medicare are not covered by Supplement plans.
If you are often confused about all of the acronyms and similar terms used in health care today, then you are certainly not alone! Understanding the difference between Medicare and Medicaid is always a challenge, just as knowing what COBRA, PPO, etc, really mean.
Here is a list of the most common terms and acronyms used to describe the various types of health care in the US to help with your confusion: