What is the best option, Medicare Advantage or Medicare Supplemental plan (Medigap)? Questions like this will beasked by many people who are 65 and above. In my opinion, Medicare F policywould be the best option. Policy F insures part A and B deductibles, and part Aand B co insurance.
Therefore, most, if not all, expenses are paid by Original Medicare and the Medicare Supplemental Policy F. Policy F however, is probably the policy with the highest cost.
Medicare supplemental insurance plans are an important part of a long-term policy for anyone over 65. With the rising cost of health care, a Medicare health care policy can help you eliminate out-of-pocket expenses.
Medicare pays 80% of most insured services. This leaves you responsible for the other 20%. While 20% does not seem overwhelming, it may be safe to consider a hospital bill for cancer, heart attack, stroke or other important medical “events.”
Medigap does not contain any advantages over Medicare prescription drugs. This means that you must buy a different Part D (PDP) policy that will increase the monthly costs of health insurance.
Medigap policies are standardized, which means that Policy F offers the same benefits, regardless of the insurance company it refers to. The other complementary Medicare policies are A, B, C, D, F, high deductible F, G, K, L, M and N. All insurance companies that sell Medicare supplements must offer Policy A. Rates, policies and Insurance companies that sell Medicare supplements vary from one state to another.
A Medicare Advantage policy may be agreat alternative to Original Medicare. Many policies contain Part D. The costsfor Medicare Advantage policies are generally lower than Medicare’ssupplemental policies. Some Medicare Advantage policies do not have premiums. Benefitsof the Medicare Advantage policy vary from county to county. Many MedicareAdvantage policies offer additional benefits that Medicare does not insure,such as dentistry, free vision, or free membership in the gym.
If you are considering Medicare Advantage PPO, HMO, and POS policies, you must verify that the doctors have a contract and what the cost is for each insured service. Technically, if you join a PPO policy, you can go to any doctor. But if the doctor does not accept the PPO, you must pay the fees of the doctor and then get the policy reimbursement. If it is a PFFS policy, you should check with the doctors to see if they would accept it. Keep in mind that a seller may refuse at any time to accept a PFFS policy, even if they have previously accepted it.
Each situation is unique and their needs are different. I think it’s important for older people to research a lot, meet people they find trustworthy and try to make the best decisions for you.
Because Medigap automatically pays its share of Medicare-insured expenses, it is possible to keep your health care providers who already work with Medicare plan. Medigap insurance does not limit you to a provider network or require referral to a specialist. Medicare Advantage policies however, usually have these requirements.