Supplemental Vs Advantage Plans: Which Is Right For You?
If you are working on trying to figure out whether you want to sign up for an advantage plan or a Medicare supplement plan, there are several different factors that you should take into account. Before discussing specifics of how to choose, learning about each of the plans can be beneficial.
Medicare Supplemental Plans
Medicare supplement plans are a way of paying upfront for complete coverage. There are several different plans that offer different coverage and consequently cost different amounts. These plans are accepted by most providers and are a popular choice for older individuals or people who have a lot of monthly health costs.
Medicare Advantage Plans
Advantage plans are slightly cheaper and are a pay-as-you-go method of health insurance. Most advantage plans are very similar to employer-offered plans that may be more familiar to you. These plans are cheap and great for individuals who are mostly healthy but may need occasional doctor's visits.
When To Choose A Supplemental Plan
Supplemental plans are an excellent choice for people who end up spending a lot each month on their medical needs. For example, if you see several specialists, have a lot of expensive medications, and see several surgeries within the next few years, you may save money by choosing a supplemental plan. While they can be a bit more pricey, the coverage that is purchased cannot be beaten. Some supplemental plans even offer foreign coverage, which is especially useful for people who travel frequently.
When To Choose An Advantage Plan
If you are on a very fixed income, an advantage plan may be the better choice for you. People who are relatively healthy and don't need to see their doctor outside of their regular check-ups would probably save money just paying a small copay each visit along with their premium. Advantage plans cover most basic medications, so if you do not need specialized prescriptions, an advantage plan would be better for you. You should also talk to your primary care physician and make sure that they accept the advantage plan before you sign up.
In conclusion, after you have investigated your financial situation, talked to your doctor, and made plans to stay healthy in the future, you should feel confident in making a choice of Medicare plan. If you still feel unsure, talk to a Medicare counselor for some suggestions. Most states have free counselors available to help when you need them, but especially during open enrollment in October. Good luck with choosing your plan.
For more information, contact a Medicare supplement plan provider.
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