Medicare Supplement Plan / Coverage
Medicare Supplement or Medicare Advantage? What’s the Difference? Which is Best for You?
Are you facing a transition to Medicare coverage for your health insurance? As you may be finding out, there are some potentially confusing decisions you need to make.
For example, do you know the difference between a Medicare Supplement and a Medicare Advantage plan?
Here’s the basics: Medicare Supplement plans are health insurance policies that you purchase to fill the gaps if you decide to transition to traditional Medicare coverage. Medicare has various deductibles and coinsurance that can leave you with out-of-pocket expenses for your health care. Going on traditional Medicare coverage lets you use any doctor, nationwide, that accepts Medicare, as most do. Having a Medicare Supplement policy helps fill the gaps of traditional Medicare and leaves you with less medical expense out of your own pocket when you have inpatient and/or outpatient health care.
You may choose to opt out of traditional Medicare and choose to go on a Medicare Advantage plan. If you choose this option, you turn your care over to a local HMO sponsored by a commercial insurance company. As with all HMO’s, your choice of doctors is limited to the physicians that are members of the local HMO network. This means that you may not be able to see a physician that does not happen to be on your particular HMO plan network, especially if you want to use a doctor, clinic or hospital that is outside your local area. The government actually pays a stipend to the HMO to provide care for you, even though usually you will still need to pay the Medicare Part B premium. If you are on a strict budget, most Medicare Advantage plans offer at least one zero premium plan design option, even though your out-of-pocket expense for health care is higher with this option.
We will meet with you in our office at The McNett Agency in Tulsa to help you sort through the Medicare options available to you. Just call for an appointment (918) 294-3712.