Individuals who are eligible for Medicare will notice that there are certain gaps in medical treatment that are not covered by Medicare Plan A or Medicare Plan B. To cover these gaps, there are multiple options available, but it fundamentally comes down to a choice of a Medicare Advantage or a Medicare supplement insurance plan. When choosing between the two, you need to consider a number of different factors. Below are some general considerations for those deciding between Medicare Advantage plans and a Medicare supplement plans.
What are Medicare Advantage Plans?
Once referred to as Medicare + Choice and Medicare Part C, Medicare Advantage refers to health care plans provided by Medicare-approved private companies. Medicare Advantage plans will cover urgent care needs as well as emergency care needs. Medicare Advantage will also cover medical treatments in Original Medicare (Part A and Part B), with the exception of hospice care (which is covered by Original Medicare). Extra coverage may be offered through some Medicare Advantage plans, such as prescription drug coverage (Medicare Part D), dental care, eye care, and programs promoting health and wellness.
Medicare Advantage Plans may take the form of a Health Maintenance Organization (HMO) plan, Preferred Provider Organization (PPO) plan, or a Private Fee-for-Service (PFFS) plan. There are also Special Needs Plans (SNP) available for those who have certain severe medical conditions or disabilities.
Should I Choose Medicare Advantage or Medicare Supplement Plans?
The answer to this question will be determined by your health care needs. Medicare supplement plans allow more flexibility in that you can visit any doctor without the need for a referral. Medicare Advantage plans do not afford as much freedom since visits with doctors outside of your network are not covered. Cost comes into play when it comes to deciding between Medicare Advantage and Medicare supplement plans as well. In general, Medicare Advantage is more affordable, though it does come at the loss of flexibility, which may be problematic for addressing certain health care needs.
We at Medical Benefits Direct can help determine which option is best for you. Based on your medical history and your current and future health care needs, we will discuss why a Medicare supplement plan may be more advantageous than Medicare Advantage or vice versa.
Changes to Medicare Advantage – The Health Care Reform Bill
As a result of the Patient Protection and Affordable Care Act (PPACA), there are some changes to Medicare Advantage resulting from health care reform that will come into effect. The proposed spending cuts on Medicare Advantage will amount to $132 billion over 10 years. This should be taken into account when making your coverage decisions. At Medical Benefits Direct, we will be sure to explain and keep you informed about how these changes to Medicare Advantage will affect your health care coverage.
Contact Medicare Benefits Direct for a Supplement Plan Quote
To learn more about Medicare Advantage or to find affordable rates for Medicare supplement insurance plans, we encourage you to contact Medicare Benefits Direct today. We look forward to discussing your health care needs with you.
