Choosing the Plan that Works for You

Choices, Choices, Choices...

Is it time for you to make a decision regarding your Medicare options? Are you concerned about getting stuck with large bills in the event you need to see a doctor or are taken to the hospital? Do you find the task of making the right decision to be daunting? You are not alone. Millions of people every year are faced with these same questions. And though a family member or friend may swear by a particular plan, these are not "one size fits all." The best choice for your friend may not be the best choice for you. This begs the question, "So what is the best choice for me?"

First Things First

Presently you may have Medicare Parts A and B. You have either reached the age of 65 or have become eligible for Medicare due to a disability. You know this allows you some coverage, but you also know that there are some ‘gaps’ associated with Medicare. These gaps in coverage are precisely what worries you, how do you protect yourself in case health issues arise? There are primarily two ways to protect yourself from potentially high out-of-pocket costs in Original Medicare: a Medicare Supplement or Medicare Advantage Plan.

Medicare Supplement vs Medicare Advantage

Medicare Supplement

Medicare Supplements are Medicare-approved plans you may purchase from a private insurance company to help cover the deductibles and coinsurance in Original Medicare. These plans work with Medicare, covering the portion of expenses that Medicare does not. In certain cases you may also receive medical services without co-pays or coinsurance, but the plan may charge you a premium.

Why Choose Medicare Supplement?

You may benefit from a Medicare Supplement if you do a lot of traveling, as some plans have a foreign travel emergency benefit. Supplements are also very beneficial to those concerned about chronic illnesses and frequent hospital and medical services. Making a premium payment every month may be more affordable than paying copayments for every provider visit or service.

Medicare Advantage

A Medicare Advantage plan, on the other hand, is a plan with a private insurance carrier that will administer your health coverage in place of original Medicare. Medicare pays a premium for this plan on your behalf usually leaving you with a smaller premium and in some occasions no additional premium. However, you will have copayments to receive medical services under this plan.

Why Choose Medicare Advantage?

A Medicare Advantage plan may be a better choice if a large premium is out of reach for those on a limited income. Furthermore, if you are relatively healthy, a plan with an occasional copayment will make more financial sense than one with a high premium. In addition, there may be some ancillary benefits like vision, hearing or transportation associated with these plans.

Regardless of which alternative seems to fit your needs, ultimately the best thing to do is to speak to a licensed insurance agent. Fill out our Contact Form or call the toll-free number 1-800-819-6906 and speak to an agent that can address your particular needs.