Medicare Supplement Provider vs. Medicare Advantage

Medicare Supplement Provider vs. Medicare Advantage

When you turn 65, you will be given some options when it comes to your health plan. Ultimately, the first option for seniors is Medicare Advantage or the “traditional” Medicare. Although these two government policies are often considered to be equals, they are actually totally separate. It is not possible to register both at the same time. The first step is to decide which of these policies you will use as basic health insurance plans.

Medicare Advantage policies (Medicare Part C) are policies approved by Medicare and run by private firms. Some policies are free and offer extra benefits which are not included in Medicare. The annual electoral period is from 15/11 to 12/31. Within this period, you can make alterations to your insurance. The open enrollment period is between 1/1 and 3/31. During this period, you can make changes to the policy. Some policies may also include a prescription drug policy (part D). As a result, members not only receive high-quality health care without the cost of deductibles or high premiums, but they have virtually no paperwork to contend with. And at the same time, they continue to enjoy more services and medical benefits than Medicare offers for an additional or no-cost minimum. the so-called “traditional” Medicare is the most preferred option, which includes Part A and B. Some of the main benefits associated with this selection include:

Benefits of the election: you can choose the doctors you attend and the hospital you prefer for any appointment or procedure that meets. In general, it is very important that older adults can use any doctor that they choose. Often, they have a doctor already they used in the past and are completely satisfied with them, so they can not deal with doctor changes.  Medicare / Medigap Supplement: The individuals who are enrolled in “traditional” Medicare can also benefit from a Medicare Supplement or Medigap Policy to insure the gaps associated with Medicare alone. Only Medicare can insure 80% of the approved medical expenses, while you will be responsible for the remaining 20%.  Some on the other hand, opt for Medicare Advantage, also known as “Medicare Part C”. Of the two options, this is the least popular for some reasons:

Choice Restrictions: In this type of policy, you are limited to the hospitals and doctors you can use. For many, this fact is somewhat disturbing. For those who have seen the same doctor for several years, they are understandably reluctant to change someone who is not familiar with them and their medical history. There are no Medigap options: Older people who enroll in a Medicare Advantage program do not qualify to enroll in a Medigap / 2019 Medicare supplement plan. This for some, could mean in the long run that they will pay more for their out-of-pocket medical expenses.

As mentioned above, the “traditional” Medicare is usually the coveted blueprint of the two. Medicare accompanied by a supplemental Medicare policy tends to provide better and more comprehensive insurance for the elderly. While health care policies are standardized in their services, due to many influences providers of supplemental Medicare will have different prices. It is always recommended to investigate these major insurers before making a final decision.