The ABC'S Of Medicare Advantage vs Medicare Supplement

In the senior market, its important there are basic understandings of what the difference is between Medicare Advantage and Medicare Supplement. My goal is to give my senior clients and the prospective clients a basic understanding of the difference and leave the choice up to them as to which one would be beneficial. On a lighter note this blog is designed to inform and not to make you an insurance professional. I recommend that you contact an insurance health specialist to assist you in choosing the right solutions. If you don't currently have a relationship with an agent feel free to reach out to ETM Insurance Solutions at 779-771-2708 we are a full service agency.

Now lets get down to business!

There are two enrollment periods to consider

Initial Enrollment Period which starts 3 months before you turn 65 and Ends 3 months after the month you turn 65.

Medicare Open Enrollment Period (Annual Enrollment)

Started October 15th -ends December 7th of any given year as it stands now.

With Medicare Supplement plans(Medicap) There is no penalty for late enrollment pass December 7th however the premium may increase it just depends on the carrier.

With Medicare Advantage you need to enroll during the open enrollment period Oct 15-Dec 7th)

The difference between the two

Medicare Advantage plans replace Original Medicare (Part A and Part B). When you buy a Medicare Advantage plans the insurance company not Medicare — provides all your health coverage. You don’t lose any benefits. In many cases, most Medicare Advantage plans include extra benefits for routine vision and dental care.

Nearly all include Part D

prescription drug coverage.

In exchange for these extra benefits, you have to follow your plan’s rules. These guidelines often include using only approved network providers and getting prior authorization for certain tests and procedures.

Medicare Supplement plans complement Original Medicare. These plans cover most of your out-of-pocket costs with Part A and Part B. You still get your health insurance from Medicare, but your Medicare Supplement plan pays your deductible and coinsurance which can save your money.

You usually don’t get any extra benefits with Medicare Supplement plans. If Medicare doesn’t cover a service, neither will your Medicare Supplement plan. Some plans do offer stand-alone vision and dental plans for an extra monthly premium. A few plans even include extra benefits at no additional cost. Important thing is to contact a professional.

Medicare Supplement plans don’t pay your out-of-pocket costs with Part D. If you buy a Part D plan, you’re responsible for the deductible and coinsurance. Medicare Supplement plans don’t have restrictions such as provider networks and prior authorization. You can use your plan with any provider that accepts Medicare which are alot!

In closing, at this point you should have enough information to decided which way is best to suit your needs. The only thing we did not cover was cost and in most cases it boils down to coverages etc. and how you want the insurance to work for you and lastly what you can afford.

Happy shopping

Valerie L.Tippitt

ETM Insurance Solutions