Medicare Supplements vs. Medicare Advantage

Whether you are turning 65 or just getting your Medicare Part B after age 65 (coming off of employer-type insurance), choosing the right plan can be overwhelming. Many seniors are confused about what plan is best for them, buying a Medicare Supplement (also referred to as Medigap) or Medicare Advantage.rnYour health plays an important roll in what plan you should choose. Another factor is your budget. There are so many plans and options to choose from, if you have a qualified Medicare Consultant to help you, they will be able to find the one that best fits your needs.rnHere are some highlights of “Medicare Supplements Plans”rn1. Choose any doctor or Hospital that participates with Medicarern2. If you purchase plan F you will have 100% coverage for all medicare approved claims.rn3. You can never be canceled from the plan, other than for nonpayment.rn4. The coverage goes with you if you move or are traveling.rn5. There are no claim forms. rn6. You can change plans as often as you like.rnHere are some highlights of “Medicare Advantage Plans”rn1. The plans can be very inexpensive, as low as a $0 premium plan. However the coverage is good, it typically is not as comprehensive as Medigap Plans.rn2. Many plans offer additional benefits, such as vision and dental.rn3. Medicare Advantage plans “usually” have prescriptions included.rn4. You can only change plans during the AEP each year.rnWhat are Medigap Plans and why do people buy it?rnMost people are used to job-based health insurance, traditional Medicare is different. It does not include “catastrophic” coverage, an annual limit on the amount beneficiaries could pay. So people enrolled in Medigap plans, can be liable for thousands of dollars each year, including the $1,132 per-episode deductible for hospital admissions, hundreds of dollars in daily charges for hospital stays of longer than 60 days; a $162-a-year deductible for doctor care, plus 20 percent of charges for office visits and many outpatient claims..rnMedicare modernized the plans that are offered in 2010.The plans are lettered from A-N. Pricing on these plans is based on the benefit levels each one offers. Each company offers the same plans, the premiums for these plans vary from company to company.rnChoose a Medicare Supplement Policy CarefullyrnIf you are planning to buy a Medicare supplement insurance policy make sure you shop more than one company, because all the Medicare supplement policies are the same, only the price differs. You can get a quote online from companies also for their best package. Read carefully before taking any Medicare supplement insurance plan.rnAll plans are the same from each company. There are some plans that have benefits that you will never use so it doesn’t make any sense to buy. The way to save money is by choosing a plan that you know you will use and not paying money for unused benefits. It is best to put your trust into a professional agent to give you the best advice.