Medicare Advantage and Supplement Plans
Medicare Advantage Plans have become very popular of late, with 50% of seniors deciding to purchase them. It is easy to determine the benefits of these plans due to the effective advertising campaigns offered by those selling these plans. However, how many of these people are also aware of some of the disadvantages of these plans?
If you have a Medicare Advantage Plan, are you concerned about:
Paying your out-of-pocket maximum each year due to major surgeries and hospitalizations, and possibly deciding not to have elective surgeries do to the cost? (normally a minimum of $3400/year for an HMO plan, but can be much higher)
Having no coverage while you travel internationally, or domestically for non-emergency routine health care?
Not being able to go to your preferred doctors or hospital should you need specialized care?
Being denied benefits by a company bureaucrat since you need to get an approval before receiving service?
Having your carrier change the coverage and benefits of your plan or pull out of your geographical area all together?
An Advantage Plan can be a great choice for many due to the low or no-premium cost and possibly additional perks offered such as Part D drug plans, dental, vision and gym memberships, as long as the disadvantages of these plans are also discussed before purchasing. However, for those who can afford a Supplement plan within their budget, this is normally the more favorable choice.
We are in a position to offer both Advantage and Supplement plans to our clients. We just want to be sure you understand the pros and cons of each type of plan before making a decision. We also can offer you a hybrid supplement plan that is both proprietary and patented that has some unique features not offered in other supplement plans. Please contact us for some information.
We review your situation annually to determine if your plan still meets your needs. And, if you have a Medicare Supplement G plan, we determine if you are receiving the lowest plan cost possible, since the carrier is normally not that important as the benefits are identical for all carriers. As long as you are healthy, we can usually reduce your annual cost to our clients substantially each year by reviewing the total landscape of carriers offering these plans.
Should you have a desire to review the cost and benefits for your plan, please get in touch with us.