Your Medicare Choices


Your Medicare choices at a glance: There are 2 main ways to get your Medicare coverage— Original Medicare or a Medicare Advantage Plan (Part C).

One of your Medicare choices is Original Medicare Part A (Hospital coverage) and Part B (Medical coverage). Together, you would have 80% of Medicare-approved hospital and medical expenses covered. If you add a Medicare Supplement insurance plan, to help pay the 20% co-insurance AND the Medicare deductibles, you’ll have 100% coverage.

The second of your Medicare choices is a Medicare Advantage plan, also known as Part C. These are insurance plans offered by private insurance companies in which you would get all your Part A and Part B benefits through. If you decide to enroll into a Medicare Advantage plan you’re essentially opting out of Medicare, and you agree to get all your coverage, 100%, from the insurance company. Versus, 80% from Medicare and the 20% from an insurance company. You have to live in the plan’s service area/county, and make sure you follow the rules of that particular plan. For example, you have to make sure you use doctors that are in network, so that you don’t end up paying more or 100% of the costs yourself. I made a video that may help you decide if Original Medicare and a Medicare Supplement plan OR a Medicare Advantage plan is the best for you. Click the link below:

Medicare Supplement or Medicare Advantage: Which is better for you?

You need to not only know what your Medicare choices are when getting extra coverage, but also how these 2 options differ. The chart below will help to explain the two ways to get your Medicare. In addition, if you scroll down a little further, you will see another chart that addresses how both Medicare Supplement plans and Medicare Advantage plans address the main worries of our clients on Medicare. Use these steps below to help you decide which way to get your coverage:

 

Step 1: Decide how you want to get your Medicare
Original Medicare -OR- a Medicare Advantage Plan

 

Original Medicare

Medicare Advantage Plan

Part A (Hospital Insurance) Part B (Medical Insurance) Part C (like an HMO or PPO) – combines Part A, Part B, and usually Part D
Go to Step 2. You’re done.

 

Step 2: Decide if you want prescription drug coverage (Part D)

 

Original Medicare

Medicare Advantage Plan

Part D (Prescription Drug Coverage) Part D (Prescription Drug Coverage) Most Medicare Advantage Plans cover prescription drugs. You may be able to add drug coverage in some plan types if it’s not already included.
Go to Step 3. You’re done.

 

Step 3: Decide if you want supplemental coverage (Original Medicare only)

 

Original Medicare

Medicare Advantage Plan

Medicare Supplement Insurance (Medigap) policy You don’t need to do anything. If you join a Medicare Advantage Plan, you can’t use and can’t be sold a Medicare Supplement Insurance (Medigap) policy.
You’re done.

 

Let’s recap:

Option 1: Part A, Part B, Medicare Supplement Plan and then a Part D Rx plan

Option 2: Part C (Medicare Advantage Plan) Part A, B, D all in one-plan.

 

Let’s Compare our Medicare Choices: Medicare Supplement versus Medicare Advantage

 

Concerns of our clients: Medicare Supplement

(works with Original Medicare only)

Medicare Advantage

(Replaces your Original Medicare)

Restrictive Network of Doctors and Hospitals NO YES
Co-payments to Providers for every service/procedure NO YES
Up to $6700 yearly out-of-pocket costs NO YES
Health plan decides what tests & procedures are approved for you NO YES
Can your plan be cancelled NO

(cannot be cancelled as long as premiums are paid)

YES

(plans are approved yearly and can be dropped)

Ability to travel the Country and use ANY doctor or hospital YES NO
Is pre-certification required for some treatments NO YES

(penalties apply if pre-certification is not done)

MD Anderson & Mayo Clinic included YES NO

(this depends on the type of Medicare Advantage Plan you have)

 

Chad Cason

Owner/Agent

I’m Chad Cason, owner of Buy Best Medigap, which is a subsidiary of Lifelong Insurance. I specialize in helping people with their Medicare, Medigap and Medicare Advantage decisions. I really do care about people and helping them make the best decisions.

As an independent health and life insurance broker, I’m not tied to any one carrier. Instead, I’m free to walk you through any of the major reputable carriers in your area and help you make the right decision for your individual circumstances. Let us help you compare Medigap plans today, click below now!

 

 

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