Is Medicare Advantage The Right Choice In 2013?

All of the interviewed insurance agents agreed that the first qualifier of a Medicare Advantage plans prospect is price

. A seasoned Medicare advisor said Basically, Medicare recipients have the option of choosing Medicare Advantage plans or a Medicare Supplement. Both plans are administered by an insurance company but a Medicare Supplement fills in the gaps for services not covered by Original Medicare and a Medicare Advantage plan replaces Original Medicare with a better plan. Many of the MA plans have no monthly premium and include prescription drugs while Medicare Supplement costs will start around $150 per month and up depending on age and sometimes underwriting, and you must buy a standalone Rx plan starting at $35 per month. The monthly premium, though, is not the only thing to look at when considering price, as you will discover.

The health of the prospect is the next critical step in determining whether or not Medicare Advantage plans is the right direction to go. If the recipient is not healthy and will expect to make frequent trips to the hospital or specialist, or will require frequent testing, they should consider a Medicare Supplement. In a typical MA plan a co-pay is charged for most services rendered , while a Medicare Supplement Plan F has very few out of pocket costs outside of the monthly plan premium. A large usage of services on a MA plan could potentially cost as much or more than you would have paid if you had a Medicare Supplement. Also note, that Medicare Advantage plans generally have a maximum out of pocket cost (for example $3500).

Finally, choosing Medicare Advantage plans or a Medicare Supplement plan may simply be a matter of choice. When working with one of my clients I ask them this, explained Gary of Medicare Advantage Today, Is it important to you to have the ability to go to any hospital or doctor you want for any procedure, or would it be acceptable to you to pay significantly less on your health care and have a large network to choose your hospital and doctor from?.

A Medicare Supplement, for the most part, gives you the freedom to use any hospital or doctor you wish which is attractive to many recipients. Most Medicare Advantage plans require you to receive services from an in- network provider and may require a referral from your Primary Care Physician before you may see an in -network specialist.

Medicare recipients should consider price, their personal health situation, family history, and how wide of a selection of hospitals and doctors they would like before choosing whether a Medicare Advantage Plan or Medicare Supplement would be the best choice for them.

One of the major changes in the Medicare Advantage plans is the period of time in which you can apply. This year the Annual Enrollment period is from October 15, 2012 thru December 7, 2012.

by: Gary

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