Are Medicare Advantage Plans Better Than Medicare Supplements

Medicare Supplement plans Private insurance companies sell Medigap plans, also known as Medicare Supplement plans, to assist in covering areas where Original Medicare may fall short. According to a report by the Kaiser Family Foundation, approximately 11 million individuals, or 34% of those enrolled in Original Medicare, had Medicare Supplement plans in 2018. These plans were designed to help cover expenses related to approved services.

You have the flexibility to choose any insurance company that offers the Medigap plans, as coverage and costs can vary. Medigap policies do not cover prescription medications, which are not included in the coverage; they must be bought separately. You will need to purchase a Medicare Part D plan Furthermore, alongside a Medicare Supplement plan to avoid any late enrollment penalties.

Benefits Of Working With A Licensed Insurance Agent Or Broker

• Engage in a conversation with an authorized insurance agent at the moment.
• Assists in locating the appropriate Medicare coverage among numerous plan choices.
• Compare plans online
• There are various plan choices available from Aetna, Anthem, BCBS, Cigna, Humana, and other providers.

Who Qualifies for a Medicare Supplement or Medigap?

If you’re turning 65: 

• You have a six-month period when enrollment is open is crucial for individuals who are new to Medicare, as it allows them to gather information about the program, understand what is included in their coverage, and explore different options available to them. The enrollment window for purchasing a Medigap policy begins on the first day of the month when you reach the age of 65 or older and are enrolled in Medicare Part B. To provide an example, if you turn 65 in July and enroll in Part B during that month, the optimal period for buying a Medigap policy would be from July to December.
• Although it may not be a lengthy period, it is the only time when obtaining a Medigap policy without medical underwriting is assured. In simpler terms, it is advisable to enroll right at the beginning because insurance companies are prohibited from rejecting individuals based on preexisting conditions or health issues.

If you’re 65 or older:

If you decide to seek Medigap coverage after your open enrollment period. There is no assurance that an insurance company will offer you a policy. Insurance companies have the ability to:

• In order to provide you with a plan, we kindly ask for your medical history.
• Refuse to sell you a policy
• Make you wait for coverage to start
• Charge you more

If you are under 65: 

it is not mandated at the federal level. Despite this, it is important to note that certain states have implemented regulations that obligate insurance companies to offer Medigap policies to individuals who are younger than 65. eligibility varies.

The Features of Medigap or Supplements 

A Medicare Supplement plan provides the advantage of better predictability and simplicity in budgeting for your out-of-pocket expenses.

The biggest advantage is of cost-sharing is that you don't have to keep track of how much money you owe every time you visit the doctor or get hospitalized. This means you have the freedom to choose any doctor in the country. For instance, if you reside in Arizona, you can travel to Minnesota to see a doctor at the Mayo Clinic.

Sadly, the significance of having this advantage becomes more significant for individuals when they are in poor health. When individuals initially enroll in Medicare, they are usually in good health and do not consider the best plan for when they fall ill. The complexity arises from the difficulty of easily transitioning between Medicare Advantage and Medicare Supplement plans.

Federal law provides specific privileges if you choose to switch back to Original Medicare within the first 12 months after enrolling in a Medicare Advantage plan but are dissatisfied with it. However, after this period, you can only discontinue or switch plans during the Open Enrollment Period or if you meet the criteria for a Special Enrollment Period. The availability of purchasing a Medigap policy during a Special Enrollment Period depends on the type of period it is.

If you are thinking about leaving your Medicare Advantage plan and switching to a Medigap plan, get in touch with the nearby office of your choice. The program known as the State Health Insurance Assistance Program. .

Ultimately, when making a decision, it often boils down to whether or not you have the financial means to afford a Medigap plan, since they tend to be pricier.

Medigap plans Provides Unconventional Benefits (Vision, Dental, and Hearing Coverage)

The CommonWealth Fund recently published an analysis looking at Medigap plans that offer non-traditional benefits like vision, dental, and hearing coverage. There are certain expenses that Original Medicare does not include. Only a small percentage (7%) of plans offer these benefits. Many people are unaware of the existence of these plans that offer benefits similar to Medicare Advantage.

At the national level, there are choices to be made regarding policies that either promote or deter the provision of these benefits. A notable example is the American Dental Association, which is presently urging for a separate initiative to afford extensive dental treatment for low-income elderly individuals rather than relying on the previous and ongoing suggestions involving the Medicare Part B program.

Dental, Vision and hearing coverage are benefits that are typically included with MAPD plans. It is one of the reasons these plans are becoming very populare along with lower monthly premiums. The trade off is you will have to work within a network like an HMO or PPO. This helps keep the overall cost down for the member and the insurance company. 

What is the cost of a Medicare Supplement Plan?

The approximate monthly cost (the amount you pay each month) for a Medicare Supplement plan can vary from $150 to approximately $200, depending on where you reside and the insurance company you choose.

It is advisable to compare different options, similar to Medicare Advantage plans. A price comparison analysis conducted by eHealth, Inc. reveals that 65-year-olds can potentially save $840 annually by choosing Medicare Supplement Plan G or $648 annually by selecting Plan N, if they opt for the lowest-cost option available in their region.

If you have the financial means a Medigap plan is much simpler to manange. You can see any provider that accepts original Medicare. 

Chris Antrim Insurance In Boise ID - Medicare Agents & Brokers

I personally sell both plans! They both have advantages and disadvantages. When I work with a client, we review three things. First, how does original Medicare work? Secondly, your choices and the benefits and disadvantages of Advantage Plan and Medigap. 

After educating my client, we then make a good decision that they are comfortable with, know how the plan works, and know what the cost is to them monthly. 

Call the office today for a review of your current plan or if you are aging into Medicare, so we can discuss your options.