Medicare Supplements Vs. Medicare Advantage - Should You Change?

Every year on November 15th, thousands of seniors have a very important decision to make

. This date marks the beginning of the Annual Enrollment Period (AEP), which spans for 45 days and is the only time during the year in which Medicare recipients can enroll or dis-enroll in a Medicare Advantage Plan. Many people start exploring their options as early as September in an attempt to make sure they are enrolled in the best and most affordable plan for the next year.

The big advantage to Medicare Advantage Plans is their low monthly premium. However, do not expect this to last forever as the new Health Care Reform Bill cut over $130 billion in funding for this program, which will undoubtedly have an effect on how much consumers will pay for these plans beginning in 2012. Furthermore, these plans have significantly increased their monthly premium over the past few years, despite cutting benefits. These plans are cheap, but that is their only advantage.

Medicare Supplements can be very affordable as well, especially if you shop all companies to make sure you are getting the lowest price for the plan you choose to enroll in. All Medicare Supplement Plans are standardized by the Center for Medicare Services (CMS), which means all companies must offer the same plans and benefits. They cannot change the plans, nor can they offer additional benefits. Although, some companies do offer discounts for eyeglasses and gym memberships.

Medicare Supplements are now more affordable with the addition of Medicare Supplement Plan N. This plan has a low monthly premium that is often 30% cheaper than Plan F, which is the most popular plan. People who purchase Plan N will have to pay the Part B deductible, which is $155 in 2010, and will have $20 co-payments at the doctor and $50 co-payments for Emergency Room visits. This can be a great plan for people who are in great health and are on a tight budget.

The reason many seniors leave Medicare Advantage Plans in favor of Medicare Supplements is because the Advantage Plans often have provider networks. Furthermore, many doctors and hospitals across the nation have stopped accepting patients who are enrolled in these plans. With Medicare Supplements, you can visit any doctor, hospital, or specialist as long as they accept original Medicare. This is obviously a huge benefit for people who want the freedom to visit the provider whom they feel will provide the best care.

Medicare Supplements are standardized by Medicare, which means they cannot offer additional benefits. People who purchase these plans will need to purchase a Prescription Drug Plan in order to make sure their prescriptions are covered for the next calendar year. These plans change every year, which means you will need to compare plans every year to make sure you have the most affordable plan available. Make sure to compare not only the monthly premium, but also the co-payments for the specific prescriptions you need.

There are many ways to shop for Medicare Supplements and Prescription Drug Plans. The easiest way to research all plans and companies is to consult with a national insurance broker who can help you compare all Medicare Plans and offer honest advice. In addition, they should be able to provide insight into upcoming changes and other company specific issues. Do not hesitate to call the experts at Medicare Supplement Shop if you need any assistance.

by: Tyra Phillips

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