What Medicare Plan is Best for You – a Medicare Supplement Plans or a Medicare Advantage Plans?
It’s more involved than just choosing between a Medicare Supplement Plan or a Medicare Advantage Plan. Both the Supplement and Advantage plan-types have different policies by different insurance carriers.
The Medical Advantage Plan and Medicare Supplement Plan are composed of separate collections of insurance policies by various companies. To select the right Medicare Advantage Plan or Medicare Supplement Plan policy for you requires a comparison of features, costs and the determination whether your medical needs are met. The selection of the right plan is the result of using accurate information to weigh each plan to determine the best fit to the needs of the individual.
Both the Supplement Plans and Advantage Plans provide a lot of benefits to meet the needs of a range of individuals that have an assortment of medical histories, medical goals, and financial requirements. The correct choice of which plan is best for you requires the extra effort to expose the pertinent insights of a feature comparison, guidance on medical costs and help to get answers. You want an experienced and knowledgeable Independent Insurance Agency like Artisan Insurance Group to walk you through the selection process. Artisan Insurance performs the extra effort so you can clearly understand the plan features and cost that’s best for you.
We Help Seniors Make a Decision between the Two Major Solutions
Artisan Insurance Group will assist you to determine which plans are best for you. Our Free Medicare Consultation with our analysis of your needs and our experience and knowledge of each policy’s coverage, features and price will result in the most optimal plans to meet your medical situation and budget. We explain the value of each Medicare plan and help you make a decision based on easy to understand information.
Summary of the Basic Plans and their Relationship
What are Medicare Supplement Plans?
Medicare Supplement or Medigap plans will pay the difference between the total costs and the amount Original Medicare pays out. A quick, high-level summary of Supplement Plans are:
- Higher monthly premiums usually means more coverage & features
- Low or no co-payments for doctor or hospital visits
- Prescription drug plans may not be included (purchase prescription drug coverage separately)
- In most cases no network restrictions on physicians — you may see any doctor that accepts Medicare
What are Medicare Advantage Plans?
Medicare Advantage plans usually offer a lower-cost option than the Medicare Supplement Plan to those willing to get services within a defined network. This network may not include your current Health Care Provider. A quick, high-level summary of Advantage Plans are:
- Low monthly premiums or no premiums
- Required co-payments for doctor or hospital visits
- Prescription drug plans (usually) included
- Restricts the number of in-plan doctors through HMO or PPO networks
What are the Prescription Drug Part D Plans?
Prescription Drug Part D plans are to only cover prescription drugs. It’s important to know:
- If you select a Medicare Supplement Plan most likely, you will have to purchase a Prescription Drug Part D plan for prescription drug coverage.
- These Part D plans (sometimes called “PDPs”) add coverage to Original Medicare and can be added to a Medicare Cost Plan, a Medical Savings Account (MSA) Plan, and to some Medicare Private Fee-for-Service (PFFS) Plans.
To learn more about Medicare Open Enrollment, click on Medicare Enrollment for 2018