Description: The article is related to myuhc com members login. The writer primarily interprets some advantages and disadvantages of Medicare Advantage and Medicare supplement. He compares the two medicare plans for the readers to help them choose.
We have a big question, should I sign up for a Medicare Advantage or Medicare supplement? As you learned in my Medicare one-on-one content, Medicare Advantage plans are Percy of Medicare and run by Medicare approved by private insurance companies, they must cover what Medicare Parts A and B cover at least. Some plans even cover prescription drug coverage along with other benefits.
Now Medicare supplement is opposed to replace your Medicare Parts A and B like Medicare Advantage doing. It works with Medicare Parts A and B, Medicare supplements are designed to fill all the gaps in Medicare depending on which plan you choose, these plans are also offered by private insurance companies, so let’s look at some of the costs.
Let’s look at a nine-year-old man who has turned 65. We look at the low-cost Medicare Advantage plan compared to a Medicare supplement plan G. With both your Medicare Advantage and Medicare supplement, you will need to pay 121.80 dollars, Premium Medicare Advantage plans can cost between 0 and 375 dollars per month, but we will focus on their most popular lower-cost plans.
For example, this 65-year old man is thinking about a zero premium plan. With Medicare Advantage, there are zero premiums in comparison to paying $90 a month for a Medicare supplement plan G, that drug coverage is included in his Medicare Advantage, because you need to go out and get your own drug plan on a Medicare supplement. It will cost this man more than 35 dollars to use a Medicare supplement.
For his drugs, he will pay at most one hundred twenty-five dollars a month for a Medicare Advantage plan. That seems to be an awesome deal. In order to figure out that one, now look at other costs, we can see that Medicare Advantage plans have co-pays and deductibles, that plan G has 166 dollars a year. Now co-pays and deductibles on advantage plan can continue until you reach your maximum of Out-of-Pocket, 6700 dollars.
In comparison to Medicare supplement plan G, it has a maximum of Out-of-Pocket, 166 dollars for the year plus your monthly premiums. So if you end up getting ill horribly at the end of the year, and you need major surgery before and after December 31st, you can end up forking over 13400 dollars in a short time.
Another negative with Medicare Advantage plan is that you need to stay in the network of hospitals and doctors in most cases. If you go inside their network, your maximum Out-of-Pocket can increase ten thousand dollars. In contrast, Medicare supplements have no networks.
So you can go to any hospital that accepts medicare as payment. Medicare Advantage plans also require approval in advance for some testings and treatments, this can result in valuable treatment time getting lost. Supplements doesn’t require approval in advance.
Medicare Advantage and Medicare supplement plans are also structured differently, Medicare Advantage plans have yearly contracts that can change every year, you can have rising premiums, increasing co-pays and decreasing benefits, they can even remove an area that costs their plan too much money.
Medicare supplements also have rising premiums, but they are guaranteed to be renewable, you can keep your plan as long as you continue to pay for it. They are standardized by the government, so the plans cannot change year to year.
In summary, you get what you pay for a Medicare Advantage, there are better plans that have higher premiums and lower maximum pockets, but I looked at their most popular zero premium plans, Medicare supplements are simple to understand with plan G, you never have to pay more on your monthly bank draft than the $166 Part B deductible. Medicare Advantage plans of maximum pockets are increasing with the popularity of their zero premium plans.
You can see by this graph, there are other plans with different maximum pockets that you can choose, but the average is still 5257 dollars for a maximum Out-of-Pocket on Medicare Advantage plan.
Let’s look at the overall satisfaction of Medicare Advantage and Medicare supplement plans, 15 percent of Medicare Advantage customers rated their insurance as fair to poor compared to six percent rating of supplement as fair to poor. That is a difference of nine percent.
24.8 percent people are leaving Medicare Advantage plans, because they have problems with provider access. So these people do not like being in the network of hospitals and doctors. Now we do a quick overview between Medicare Advantage and Medicare supplement plans, let’s look at the overall advantages and disadvantages of both.
Medicare supplement plans have predictable costs, they are standardized and they don’t have networks of doctors and hospitals, you have the option of different plans to cover all the gaps in Medicare. On the negative side, you do need to get separate drug coverage, they always have higher premiums, these premiums increase every year because of your age, the experience and your risk pool. So if you’re in an unhealthy area, your premiums will increase faster.
Medicare Advantage plans are lower-cost with the most popular plans having zero premium including drug coverage, most of them have some small benefits of hearing dental vision or wellness, the most popular benefit are free gym memberships, the negative points of Medicare Advantage are the networks where you see their doctors and hospitals, and their plans are not standardized and can be changed every year.
Another negative point is that you can have a maximum Out-of-Pocket, 6700dollars. Medicare Advantage plans are much more expensive in the long run for chronic conditions. I painted a negative picture of Medicare Advantage, but these Euro premium plans do not have many advantages to them, it’s funny that they’re called Medicare Advantage.
But there are good plans in areas of the country which are worth looking at. I run into zero premium plans, they’re the ones that I focus. If you have any question, make sure to call me at 92096 04312 or send me an email at Medicare screen share at gmail.com. Have a wonderful day.