What's the best way to compare my current Medicare supplement plan to a Medicare advantage plan?
Answered by 13 licensed agents
The best way to compare is to find an independent broker that you trust and whom others trust. Being fully independent allows us to show you most (or all) of the plans in your area and also to compare your current plan to a Medicare Advantage plan. They are very different plans with unique nuances and having a broker that doesn’t cost you anything is a smart way to shop!
Honestly, Medicare supplements are such good plans, but if you are wanting to compare, I would get with a LOCAL Medicare broker who knows the plans in the area. Medicare Advantage plans work very differently and you'll want to understand HOW they work and which ones will allow you to stay with your current doctors (unless you are open to changing).
I always tell my clients to count up the cost. Write down all the out-of-pocket cost to have a Medicare Supplement plan and what your cost will be if you sign up for a Medicare Advantage plan. If you would like to discuss and compare plans, you may give Melissa Barton a call at 473-242-8437.
A Medicare supplement in a Medicare advantage plan or two entirely different plans. The best way to compare them is a sit down with a professional, who has experience in both and have explained the difference. First tribute the Medicare supplement, then review all the provisions of a Medicare Advantage plan. And also consider your most likely medical needs based on past years then you make a decision.
I would suggest you meet with an experienced Medicare Agent/Broker to discuss the pros & cons of each Plan as well as go through the nuances that a change would cause. There are options to try out a Advantage Plan for the 1st time called a "trial right." This would allow you to experience having an Advantage Plan for up to 12 months and if you do not like it you can return to your original Supplement Plan. Again, talk to an experienced Agent/Broker that can guide you and talk through the details.
Its actually pretty easy.....lean on the expertise of your INDEPENDENT Medicare Adviser, they can break it down pretty easy and show you the differences. Here is a good rule of thumb using generalities: a Medicare Advantage Plan covers EVERYTHING that a Supplement covers (by law) and also includes a lot of extra benefits like dental, vision, etc... The Medicare Supplement and Drug plan associated with it, costs money each month...depending on your age and where you live. The Medicare Advantage Plans usually have no monthly premium and "bundles" the Part D Prescription Drug plan within the medical coverage. Advantage Plans are more of a "pay as you go" model, since all of the services have a copay, where the Medicare Supplement or MediGap plans are a pre-pay model....costing money each month whether you use Medicare services or not and there are little to no fees when you obtain services.
The best way to compare your Medicare Supplement plan with a Medicare Advantage plan is to physically sit down face to face to discuss and compare options and benefits because there is a lot to discuss regarding the topic. Many people like the Medicare Supplement plans because it's an open network meaning virtually every provider across state lines accept a Medicare supplement as long as they accept Medicare as payment. Medicare supplement is a very good option for snowbirds that have a second home where they live half of the year. Medicare Advantage plans are network and generally county based and in general your network resides in the state of your primary residence. That being said, if you are visiting Aunt Mary and Uncle Bob and have an emergency out of network, you will still have effective coverage. Some networks are larger than other based on the plan and provider. Medicare Advantage plans are either (HMO) Health Maintenance Organization or (PPO) Preferred Provider Network. Some Medicare Advantage providers have a passport program that would allow in network coverage if you were to travel outside your state for a prolonged period of time. The Medicare would just need to be notified ahead of time. Open Network plans with Medicare Supplement plans are nice but insureds will pay a premium for the flexibility. In addition, in general Medicare Supplements cover medical care but no extras. Prescription drug plans, dental, vision, hearing and other benefits aren't available with a Supplement plan. Medicare Advantage plans may not have as much flexibility; however most plans are at a zero monthly premium and in general they also have additional benefits such as Dental, Vision, Hearing, OTC card and other various benefits attached.
I will develop a side-by-side comparison for each prospect to help them with the decision. I will need zip code, lists of medications and doctors, and other specifics that may be important like include a dental quote or how much the Over-the-counter benefit is.
