TIP: Medigap is a better option for people who travel frequently. In this MedicareWire article, we’ll do our best to help you understand which type of Medicare insurance is right for you. Our Medicare system is full of options, and deciding between Medicare Advantage and a Medicare Supplement plan is a big decision. Comparing Medicare Advantage and Medigap (Medicare Supplements) Medicare Advantage replaces your Original Medicare benefits with managed care.Medicare Supplement insurance fills gaps in your Original Medicare benefits.Choosing the best option is easy if you follow the simple steps outlined below. Medicare Advantage enrollment has increased steadily over the past few years. The primary reason is cost. On the surface, Medicare Advantage appears to costs less, but does it? The real answer has everything to do with your health. Related: Do You Have a Long-Term Care Plan? Why Medicare Advantage Plans are Bad Many critics of Medicare Advantage … [Read more...]
Medigap Plan K and N vs. Medicare Advantage Plans
It has long been assumed that Medicare Advantage plans are the way to go if you need a low monthly premium. The risk trade-off, of course, is higher out of pocket costs until you reach the annual spending limit. However, the premiums are so low on most of the basic plans that many seniors wonder, “are Medicare supplement plans worth it?” There is, however, one Medicare supplement that has similar monthly premiums and an annual out of pocket limit, just like Medicare Advantage. It's Medigap Plan K and the insurance wonks at MedicareWire think it's worth a look. It All Comes Down to Costs vs. Benefits Like Medicare Advantage plans, Medigap Plan K offers partial coverage for the coverage gaps baked into traditional Medicare. Plan K beneficiaries pay all cost-sharing for covered services and benefits until they reach the annual out of pocket limit ($5,880 in 2020). When the beneficiary reaches the annual spending limit, their Plan K kicks in and begins paying all (100%) … [Read more...]
Good News for Medicare Supplement Buyers: Open Enrollment Is Not For You
As October approaches, like clockwork the Medicare commercials begin on TV. As if Medicare isn't confusing enough already, none of us need the bombardment of hype from insurance marketing organizations, like AARP. Nevertheless, it's here and will be with us until early December. One area of confusion for many seniors has to do with the Annual Enrollment Period (AEP), which begins 15 October and ends on 7 December. The insurance companies inundate all of us with their commercials letting us know how important it is to compare rates and choose the best company. It's all fluff and no substance that's carefully designed to scare seniors and get them to make a call. What most people are confused about is what plans AEP covers. The annual open enrollment period has nothing to do with Original Medicare or Medicare supplements. The AEP is only for Part D prescription drug plan coverage or Medicare Advantage plan coverage. Medicare Advantage and Medicare Part D are private health … [Read more...]