The differences between a Medicare Supplement versus a Medicare Advantage plan is often a topic of conversation when approaching the choice between the two. Occasionally, it is not really a choice and after a quick conversation with broker, you will understand why you will be better off with one or the other depending on your specific circumstances. Here are a few questions to know the answers to before hand to help prioritizing your choice.
- What will your budget allow your monthly premium to be?
- Does working within a network bother your?
- Do you have doctors you want to keep if your network changes?
- How often do you go to the doctor?
-Do you have any major surgeries on the horizon?
A Medicare Advantage Plan, also known as "Part C" or "MAPD Plan." is an option available where a private company is paid by Medicare to manage your health care. This does not mean you lose Medicare. Medicare becomes your secondary and the private company becomes your primary insurer.
There is no degradation in coverage from one choice to the next; it is only a difference in form and function. A full coverage style plan like Plan F or Plan N leaves you paying for your health care in advance, but you know exactly what you are paying per month. An advantage plan requires you to keep your Medicare Part B (Medical) premium current, but has either zero or a low monthly premium. On an advantage plan you only incur cost if your incur care. Meaning, if you go to the doctor or hospital, then you will have a co-payment. On average, a MAPD Plan is one third to half the cost of a supplement.
A Medicare Supplement or Medigap policy covers the cost left over by original Medicare. These plans follow federal and state laws designed to protect you. For that reason, the coverage from company to company providing supplements are the same; the only difference is price. Plan F from one company to the next is exactly the same plan at the same cost. If you have a supplement you have no network, no referrals and you can go to any hospital or any doctor as long as they accept Medicare.
Making the right choices about your Medicare coverage can be smooth and simple. If you are in need of any assistance in transitioning to Medicare coverage, call an agent and set up a meet and greet. We are here to help you.
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