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Are you a retiree looking for the best Medicare coverage? You may have seen TV commercials about Medicare plans and wondered which one is the most suitable for you. 

Deciding between Medicare Supplement or Medicare Advantage plans could be a complicated process for you. These are two distinctive plans that you should be aware of to make certain that you’re getting the best coverage that’s convenient for you.

Which one is the most beneficial for your golden years? This article explores the key differences between these types of plans as well as their benefits. 

Medicare Supplement Plan

Private insurance providers are known to offer Medicare Supplement plans. A Medicare Supplement plan comes in handy because it helps to fill in the gaps that are left by Medicare. Keep in mind this type of plan does not cover your prescription drugs, so you would want to have a separate Part D plan to cover those.

The top reason a Medicare Supplement plan may work for you is that there is NO network. This means that your policy will be accepted by any physician or hospitals that simply participate with Medicare (which is just about all of them). As a member of this policy, you’re guaranteed access to quality health care from the best facilities nationwide.

Additional benefits that you may receive from a Medicare Supplement plan include low to no out-of-pocket expenses, foreign travel emergency benefits, and coverage for excess charges.

Medicare Advantage Plan

A Medicare Advantage plan, also known as Part C is offered by a private insurance provider. Unlike Medicare Supplement, a Medicare Advantage plan does not fill in the gaps from Medicare. A Medicare Advantage plan coverage is considered an “all in one” option. 

This plan covers all the benefits of Part A and Part B, and may also include Part D. You may receive hearing, prescription drugs, dental, vision, and other benefits from Medicare Advantage coverage. The Advantage plan also will typically use a network, so you will need to make sure that all your doctors and hospitals participate in the plan’s network.  While a Medicare Advantage PPO plan will allow you to see providers who are not part of the network (you will incur higher out of pocket expenses), a Medicare Advantage HMO plan requires that your provider be a participant in the plan’s network.  In addition, when selecting a Medicare Advantage plan you will want to make sure that your prescription benefit does indeed cover all of your current prescription medications.

Sign Up for the Plan that’s Best for You

If you’re a retiree or about to retire, you should feel confident choosing a Medicare insurance plan that’s most suitable for your personal needs. Most importantly, you have the advantage of relying on a team of knowledgeable licensed agents to give you helpful advice.

If you need help or want to learn more about getting Medicare insurance coverage, our licensed agents will be more than happy to assist you.

For those who don’t already have a working knowledge of the Medicare system, there is one word that many would apply to it – complicated.

Although it’s meant to be a single public option for seniors, Medicare has complexified significantly in the time it’s been in place. Let’s talk about the context of this for seniors who are relying on companies like ours to advise them on how to shop and how to get Medicare supplement plans, as well as other kinds of insurance and financial protection for end-of-life care.

The Many Parts of Medicare

First, it’s instructive for seniors to realize there are various parts to Medicare – enumerated after letters of the alphabet: Part A, part B, part C, part D.

The way that these relate is not straightforward. So that’s one thing that professionals consult with their clients on as they try to find the best coverage for elderly individuals.

Medicare Supplemental Plans

There’s a lot more we could say about Medicare supplemental plans, but the bottom line is this – because Medicare doesn’t provide 100% universal coverage for various needs, many seniors by Medicare supplemental plans so that they don’t have to pay for aspects of care out-of-pocket.

Then there’s also the wide variety of Medicare supplement plans that seniors have to choose from. We have helped many seniors to select the best options, with careful and deliberate consulting on how these types of plans work.

Other Extras

Don’t be fooled – although we call these “extras,” they are in no way frivolous additions to your insurance toolkit.

One is long-term care – which differentiates the insurance coverage from care related to hospice or death.

In other words, you may have life insurance to cover your family if you die, but if you end up in custodial care for years and remain alive, long-term care insurance helps to pick up the bill.

There’s also something called hospital indemnity plans that help seniors with co-pays and deductibles and other aspects of care if the hospital doesn’t get reimbursed for these by Medicare.

Then there’s funeral and burial costs, which is its own whole category of cost. We’ll probably write a blog post on this soon because of the complexity of managing end-of-life care financially. Like the rest of this, it’s not always straightforward, and there are a lot of things for families to consider.

Senior Benefit Services, Inc. is not a government agency or an insurance company. However, we are a company that helps seniors to understand their options. When you contact us, a licensed agent will talk to you about your needs. Get help with the bewildering world of Medicare coverage. 

For seniors, securing cost-effective and quality healthcare services is of utmost concern. Most often, seniors use Medicare to help provide coverage for health care costs they incurred through the aging process. However, Medicare is designed to cover various expenses, with some costs remaining unincluded in the scope. Things such as hearing aids, eyeglasses, custodial care, and alternative medicines are not typically covered under Medicare but require separate Medicare supplement coverage.

Medicare And Medicare Supplement Plans

Medicare supplement plans are considered secondary insurance coverages of Medicare. Medicare will typically pay health costs first, and then the supplement will be used to close in gaps in expenses that are not covered by the primary Medicare insurance. For seniors, critical study of Medicare and Medicare supplements is vital to making an informed decision. Here are a few little-known aspects of Medicare supplement plans you should be aware of as you make your healthcare decisions.

Medicare Supplement Plans Are Standard

Medicare supplements are standard parts of your overall Medicare coverage. These supplements are primarily the same across the board no matter who you purchase them through; however, some companies may provide innovative benefits outside of the standard plans.  Whereas the programs offer the same coverage, the difference may be noticed in how the companies provide the products, including quality of services and pricing.

Open Enrollment

Medicare supplements can be purchased during open enrollment. Open enrollment is a period that lasts for a couple of months, usually beginning on the first day of the month in which you enrolled in Medicare part B or the first day of the month you turned 65 or older. Speak to your provider to ensure you are aware of your open enrollment period and find out what supplements you have and those that may be beneficial.

Supplement Security

Many seniors worry that their Medicare supplement provider will increase or cancel their coverage as their health deteriorates. When enrolling with a Medicare insurance provider that offers Medicare supplements, make sure you closely examine their service positions. Again, in most cases, Medicare supplements stay the same from provider to provider; the difference may be in the provider’s services provision. Your claim process should be straightforward and clear, and the company’s reputation of handling claims should be stellar.

Choosing Reputable Medicare Provider

Choosing a reputable Medicare insurance provider is vital to your ultimate satisfaction with your healthcare coverage. A little research, in the beginning, can save you headaches down the road and keep you worry-free when it comes to your health coverage.

Changes to Medicare that will impact you occur yearly. It’s important to understand what you can expect and what will be expected of you when using your health insurance. Being informed and trusting experts can help you to make decisions that will benefit you. Let’s explore some of the differences in Medicare for the year 2021.

Premiums and Deductibles

Those who paid their Medicare tax and worked more than forty quarters don’t have to pay the Part A premium. Those who worked between thirty and thirty-nine quarters will pay $259 per month. If a person paid fewer than thirty quarters of tax, they will be responsible for $471 per month. The Part B premium is standard at $148.50, although it can be adjusted based on larger incomes. The deductible for Medicare Part A has increased by $76 in 2021, now $1484. The Part B deductible is $203, only having increased by $5 in 2021.

Coinsurance

Patients needing care for a period longer than sixty days are subject to a coinsurance cost. Medicare Part A is charging patients $371 per day after the sixty days. After ninety days, the cost rises again to $742 per day. Both of these charges have increased from 2020 by $20-$40.

Prescription Drugs

Medicare part D plans vary and are income adjusted. Deductibles may also vary depending on your chosen plan. Participants pay a quarter of the cost of medications after meeting their deductible. They can pay much less after meeting an out-of-pocket maximum of $6550.

Positive Notes

One change that will positively impact many people is a decrease in the copay for insulin. Starting this year, over a thousand Advantage and Part D plans are charging $35 or less for the drug needed by so many diabetic patients. Another positive note is a result of an amendment to the 21^st Century Cures Act. Now, all end-stage renal disease patients eligible for Medicare will be able to enroll in Advantage plans. The growing need for telehealth in response to the coronavirus pandemic has led to increases in services offered. Now telehealth is being covered in specialties like dermatology, psychiatry, and cardiology.

Advantage Plans

There are more advantage plans available for 2021, nearly five thousand according to the Centers for Medicare and Medicaid Services. The premiums for these plans are much less costly than in recent years. In fact, these premiums are lower than they’ve been since 2007. The open enrollment period for advantage plans ends on March 31. Therefore, participants can change their plan if they wish to before that date.

Many factors must be evaluated to make the important decision about which Medicare supplement and advantage plan to enroll in. It’s important to make this decision with the help of someone who is knowledgeable about what is best for your personal situation. The agents of Senior Benefit Services are experienced experts in how these plans can affect you. Let one of our agents be your trusted source of information and assistance.