Medicare Supplement vs Medicare Advantage: Which one is better?

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Selecting between Medicare Supplement and Medicare Advantage plans is an important decision for those turning 65 or retiring and selecting their Medicare coverage for the first time.

This video explains the difference between Medicare Advantage and Medicare Supplement plans, also known as Medigap. We will cover things like the premium, cost, copay, deductible, out of pocket expenses, and networks of these two popular supplement insurance plans.

This video will help in your decision making process as you select between Medicare Advantage and Medicare supplement plans. This is another one of the most common questions that we get here at Medicare hero is how do I decide which type of coverage is really best for me.

Medicare Supplement:
So first let's talk about Medicare supplement plans. The monthly premiums for Medicare supplement plans range from about $85 to $170 dollars a month, actually for people turning 65 I see an average of about $100 to $120 per month for their coverage. The premiums you pay all depends on your age, gender, and where you live. With a Medicare Supplemental plans we can see any doctor or any Hospital in the entire country that accepts Medicare there's absolutely no networks, and when we go to see those doctors there's no co-pays, no deductibles, and no out-of-pocket expenses. All we do is pay our monthly Insurance premiums and we're done. Additionally with a Medicare supplement plan you never need a referral to see a specialist, and again it doesn't matter which insurance company you select such as AARP United Healthcare, Humana, Aetan, Cigna, Mutual of Omaha, or New Era, you can always go see a specialist without a referral when you have a Medigap Plan. Now the last part of Medicare I want to talk about is prescription drug coverage, Part D of Medicare. With a Medicare supplement plan you can select independently of your Medicare supplement insurance company a prescription drug RX plan.

Medicare Advantage:
Medicare Advantage plans were created as a low cost alternative to Original Medicare and Medicare supplement plans. When I say lower-cost what I mean is lower monthly premiums. So the premiums for Medicare advantage plans can be anywhere from $0 in addition to what you're already paying for part b of Medicare up to $60 or $70 and premiums can even be as high as a hundred dollars a month. The key with Medicare Advantage plans is that we want to keep our premiums low because that is the advantage is low monthly premiums. So one of the compromises that Medicare Advantage plans make in order to get those low monthly premiums is they have network so you want to make sure that your doctors and hospitals that you choose to use are in the network for the insurance company you're looking at. This means that Medicare insurance companies such as AARP United Healthcare will have a different network then Humana, Aetna, or bluecross blueshield. So just be careful make sure your doctors, specialists and hospitals are in network. Also your Networks and doctors can change mid-year but we can't necessarily change our Part C coverage. Additionally because we now get those low monthly premiums we now have to pay deductibles co-pays and other charges when we use our insurance coverage. So if you see a specialist you might have a small copay, if you go to the hospital you will have to pay a certain amount of pocket. So we get low monthly premiums with Medicare Advantage plans but then we have to spend money the more we use our healthcare insurance. Additionally Many of the most affordable Part C Medicare Advantage plans do require referrals to see a specialist.

Now that we've had all the key points both Medicare advantage and Medicare supplement plans what's the bottom line? Well Medicare supplement plans are best for people who can afford the extra premiums and if you most value your choice of doctors and hospitals as well as a predictable healthcare budget where you're not going to have large healthcare expenses throughout the year. You know if you just pay your monthly premiums you're going to be set. Medicare Advantage plans on the other hand are simply the best if you're looking for low monthly premiums.

Thanks for watching a quick video on Medicare Supplement vs Medicare Advantage plans. If you have any questions or if we can be of any assistance please feel free to reach out to us at 1-888-321-6361 or visit us online at

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Medicare Supplement vs Medicare Advantage: Which one is better?

 

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