Medicare and Medicare Advantage supplement
When the annual registration period begins, it’s a great time to see the disparity between Medicare Supplements, Original Medicare, and Medicare Advantage. Let’s start with the original Medicare. This is a federal government plan for people over 65 (you can also qualify if you are under 65 if you are disabled). A good policy, however, it doesn’t insure everything. Now, there are “loopholes” in the policy for Medigap coverage or Medicare supplements.
They are identical, designed to insure the “loopholes” of Medicare. With Medicare advantage plans, they are provided by private insurance firms, but unlike individual plans for children under 65, they are the same for all companies. Put differently, “PLAN G” is identical as Mutual of Omaha, just like United National Life, and Blue Cross & Blue Shield.
Therefore, you don’t have to think that Blue Cross is better coverage or that Aetna’s plan is better, they are the same. There are different plans that cover more or less. For example, “PLAN F” covers almost everything. PLAN G insures everything, apart from your deductible for outpatient, which is $162. Of course, the more coverage, the more you pay in premium.
Now let us speak about best Medicare Advantage plans. The Medicare Advantage plans are sometimes called MA plans. They are also offered by private insurance companies, but receive federal government funds. These plans vary from municipality to municipality in terms of what is offered and the fees. In certain counties, you can receive a premium plan of $0. Some cost $100 for the same plan. A plan may be provided in Illinois, Will County, but not in DuPage County.
The plan varies a lot. Also, the maximum outlay is often significant. Some plans cost $ 6700, while others cost $ 3000. This may be the most important question: What is my maximum outlay on this plan? Then I could make payment if something occurred. Also with the Medicare Supplement, your doctors and hospitals will accept the plan if they agree to Medicare recipients. With an MA plan, depending on your plan, your doctor can treat you today and not tomorrow (usually with a PFFS plan).
In my opinion, a Medicare Supplement Plan is better insurance in all situations, and that award can sometimes bind you to a Medicare Advantage Plan. If you only have original Medicare because you cannot receive the premium for a supplement, the MA plan is a good way to go. Medicare Advantage plans are commonly known as Medicare Part C.