Medicare Supplement Vs Medicare Advantage Plans, What Is Right For You

When can you change Supplement Plans?

There is no set date during the year when you can change supplement plans. There are a few things to keep in mind when deciding to change your supplement plan before it comes up for renewal.

If you pay your premium annually, you will need to wait until the new policy is issued and then you can apply for a refund of unused premiums from your current company. You should never cancel your existing coverage before your new policy has been approved.

Can you change supplement plans with pre-existing conditions?

This is not a simple yes/no answer. Some supplement insurance companies may look at a pre-existing condition as too severe and will not issue a policy, where another carrier may not view the pre-existing condition as un-insurable. Of course, there are certain conditions that insurance companies are going to shy away from such as currently being treated for cancer, on kidney dialysis, or have an upcoming surgery planned. The best thing you can do is simply talk with an insurance advisor and let them see what all your options are.
What is the best Advantage plan for Medicare?

The best Medicare Advantage plan is the one that covers your individual needs with the least amount of financial exposure. While Medicare Advantage has what are known as Star Ratings, this is only one way to measure which plan you should investigate further. You need to look at the network of providers to see if all your doctors and facilities participate.

In addition, you need to make sure that all your prescriptions are being covered on the plan’s formulary list. Also, don’t get caught up in the low co-pays when seeing your primary care physician. While a $20 co-pay doesn’t seem like much, you need to be aware of the fact that this adds up when seeing your doctor multiple times a year.

Throw in some visits to a specialist who has a $40 co-pay and the amounts start to add up. Speaking of co-pays, don’t forget that most Advantage plans have a daily hospital co-pay that can be upwards of $300 per day up to 5 days in the hospital.

The good news is that Medicare Advantage must offer a cap on what you can be out of pocket for in a calendar year. All the approved expenses that you pay out of pocket go towards this cap. It is important to be aware of what the plan’s maximum out of pocket amounts are each year. Some can be as high as $10,000 for a calendar year.