Medicare Supplement VS Medicare Advantage
Medicare Supplement VS Medicare Advantage Summary
Now I know some of you are wondering what the difference is between a Medicare Supplement and a Medicare Advantage plan. Well to be quite honest there are a lot of major differences which could affect a lot of people. But with all different types of plans there will always be up’s and down’s. Now let’s go through the differences shall we?
Medicare Advantage Plans
Medicare Advantage plans are good plans for people who can’t afford more than $60 a month for their secondary insurance. Now these plans are going to sound great if you just get the monthly price for it. With the Advantage plans you might have a low premium but with a high deductible the good thing is that they can keep your copayments low enough that you can afford it. Now you might also have a maximum out of pocket limit, what that means is there will be a certain amount that you have to reach before the Advantage plan will cover you 100%. With these advantage plans you are going to be in either an HMO or PPO network within your doctors. Now those doctors can opt-out of that network at anytime and you might have to switch doctors when that happens. With these Advantage plans they do not ALWAYS cover everything you might need. For example, some of the Cancer treatment facilities do not accept Medicare Advantage plans. If you wanted to go with an Advantage plan then you would not have to go through medical underwriting you would just sign up for it. But you can only do so either the first time you sign up on Medicare, Medicare Part B, or during the Annual Enrollment period.
Medicare Supplement Plans
When someone is looking for a secondary plan to go with their Medicare we like to tell our clients that if you can afford a Supplement plan then that is going to be the best plan for you.
Yeah you might pay more for these plans, but then again you don’t have to worry about the copayments, high deductibles, or even coinsurance. The Supplement plans are not in-network plans. You can go to any doctor you want as long as the doctor accepts medicare. Medicare supplement plans are guaranteed renewable for life as long as your premiums are paid on time! With Medicare Supplement plans you do not have to worry about switching insurance companies every Annual Enrollment period and worry about cancellations. You can switch different plans or insurance companies anytime of the year as long as you can go through medical underwriting. The only way that you don’t have to go through medical underwriting is when you first sign up for Medicare, Medicare Part B, if your Employer/Group plan terminates your policy, or if you are on an Advantage plan and you move out of your network.
If you have any questions please feel free to call us here at 1-800-Medigap or you can reach me at 901-KORTNI8.