When we meet with prospective clients, and after we explain Parts A, B, C and D of Medicare, the next step is to look at Medicare Advantage plans vs Medicare Supplement plans. Other than enrolling, this decision is the most important one you will make during the enrollment process.
Over the years, we have come to understand the major areas of concern that help you make an informed and comfortable decision with your Medicare coverage. Since we are each unique with different wants and needs, there is simply no blanket solution, but there are individual solutions.
Medicare Advantage (MA) plans are called Part C and they are offered by private health insurers. Plans vary from state to state and zip code. Generally, there are more plans offered in metropolitan areas than in sparsely populated area.
We broker 5 different plans in Colorado. MA plans have a contract with Medicare to provide coverage for Parts A, B, and D. Many plans have a zero premium and most include Part D drug coverage. There will be copays and coinsurance for all plans except plans for those who have both Medicare and Medicaid. Most MA plans have networks and they are geographic.
Medicare Supplement Insurance plans are also offered by private insurance companies, but they operate much differently than MA plans. There are 11 Supplements and it’s confusing. We understand the distinctions between plans and tailor them to each client’s needs.
With these plans there will be a monthly premium; however, your copays and coinsurance can be totally eliminated, depending on the plan you choose. You could have a monthly premium but no other charges.
Supplements do not include Part D, so you would need to find a separate Part D plan. With a Supplement you can choose any provider or facility anywhere in the US as long as they accept Medicare.
Here are a few questions to help you with your decision between an MA plan or a Supplement.
Those are just a few general questions. When we meet we do our best to make certain your choice is the best for you. Call for a Free Consultation.