Before choosing a plan we want to be sure you know the difference between your many options; In particular how Medicare Supplement Insurance Plans and Medicare Advantage Plans differ. Many people sign up for Medicare Advantage Plans thinking they are Medicare Supplement Insurance Plans, they are not.
There are two different ways you can go:
I've illustrated some of the differences between these plans below, but these are not absolutely exclusive or all-encompassing:
Network: ALL doctors that accept Medicare, which is most doctors.
Copays: Varies depending on plan but could be NONE.
Deductibles: Varies depending on plan but could be NONE. As of Jan 1,2020 all new plans issued have a part B deductible of $240 (2024). Grandfathered non deductible plans pre 2020 may be rewritten (pending passing carrier underwriting) and bypass the deductible.
Cost: Varies depending on type of plan, age, gender, carrier and zip code. Supplement premiums increase yearly. Having a supplement necessitates a stand alone drug plan, with premiums,deductibles, varying based on carrier. Formularies and costs of drug plans can change from year to year.
Drugs: Need to purchase separate drug plan if drug benefits coverage is required.
Consistency: Plan benefits stay the same every year.
Eligibility: Must answer medical questions if outside initial open enrollment period. No health questions during the first 6 months when enrolling in Part B of Medicare.
Additional Benefits: None
Network: Each plan (HMO's and PPO's) has specific networks. PPO plans let you go outside the network traditionally for an additional cost, however some plans now have the same cost for in and out of network coverage, giving similar network benefits as a supplement. HMO's will not pay for out-of-network medical visits or procedures.
Copays: In many cases 0 to $15 for primary care, $15 to $30 for a specialist, $0 -20 for bloodwork, $50 to $200 for diagnostic tests (x rays MRI, CT scan) and $100+ for hospitalization.
Deductibles: Can range from $0 to $1,250. You typically see a deductible on more antiquated plans, most of the new plans today do not have a deductible. If your plan currently has a deductible, please enquire about a plan benefit review, you could be overpaying.
Cost: Varies depending on type of plan and company chosen.
Drugs: Drug plan included with most plans, with no additional cost, saving you both the monthly premiums and the deductible of a stand alone prescription drug plan
Consistency: Varies with plan and carrier, benefits may change from year to year, many times for the better (adding additional perks).
Additional Benefit: Many Medicare Advantage Plans come with rich benefits, such as gym membership, vision coverage, dental coverage, and quarterly over the counter benefits.