The Difference between a Medicare Supplement and an Advantage Plan is important.Remember you are not choosing between good, better, or best; it is a difference in form and function.A Medicare Advantage (MA) Plan does not play by the rules and regulations of original Medicare (Listed below).It has it's own rules and numbers, which are outlined by the summary of benefits for each MA plan.
If a MA plan is not selected and one chooses to keep Original Medicare, then a supplement is needed to fill the gap's in potential medical bills.Also, supplements do not cover prescription drugs, so you will need a prescription drug plan.
Below are the premiums, deductibles, and coinsurance numbers for Original Medicare for 2020 from Medicare's website.Although this list is informative, it is best to meet with an agent to learn how the numbers work together.
Most people do not pay a part a monthly Premium
Days 1-60: $0
Days 61-90: $371 per day of each benefit period
Days 91 and beyond: $742 per day.These are your "lifetime reserve days"you have 60 days total over your lifetime.Once you use these days, they are gone.
Beyond lifetime reserve days: All costs.
The standard Part B premium amount is$148.50(If new to Medicare in 2021 or not collecting your social security benefit, or higher depending on your income).
Deductible and coinsurance
$203per year. After your deductible is met, you typically pay 20% of the Medicare-approved amount for most doctor services (including most doctor services while you're a hospital inpatient), outpatient therapy, and durable medical equipment.
Part C(Advantage Plans)
The monthly premium amount varies by plan.MAPD Plans are usually the most cost effective to option for those on Medicare.
The monthly premium about varies by plan.The average cost per month is $30 plus drug co-pays or coinsurance.
If you have questions or are confused if you are liable for any of these costs, book a meeting with an agent.The goal is to lower your potential cost as low as possible while still receiving great medical care when you need it.