Supplement or Advantage
Supplement or Advantage: Which Should I Choose?
Now that you know Medicare alone does not protect you from large medical expenses, you may be wondering whether to use a Medicare Supplement or Advantage plan to solve this issue.
If you are anticipating many health expenses, a Supplement may be more cost effective. If you are in good health and generally do not use a lot of services, an Advantage Plan may work well.
To answer this question, it helps to understand how they work and the differences between the two.
Supplements
(For people who turned 65 after 1/1/2020, Plan F is not available)
- You pay a monthly premium in addition to your Part B premium.
- You can see any Medicare provider in the country.
- The provider bills Medicare and the supplement pays the copays, deductibles (except Part B of $240), and the 20% coinsurance for Medicare-covered services.
- Does NOT contain bundled coverage, so you would have to add drug, dental, hearing, and vision coverage if you wanted to.
Advantage
- You pay a low or even $0 premium (some plans may give you a credit back), and you would continue paying the Part B premium.
- You will receive your healthcare from a provider network; receiving care out of the network would most likely result in higher cost or services not being covered (except for emergencies or urgent care).
- You are still on Medicare, but your provider bills the private insurance company that you are enrolled with. You would pay the required copays and coinsurance as you receive services up to a maximum amount, at which point the plan would pay 100% of your medical cost.
- Can contain bundled coverage including drug, dental, vision, and hearing.
How to Determine Which is Right for You
When deciding upon the option that’s best for you, there are some questions that can guide you in the right direction.
1.
Can you afford additional premiums above your Part B premium?
2.
Do you want to be able to see any Medicare provider, or are you okay with using a provider network? Additional considerations: Do you spend time traveling or do you live in different parts of the country?
3.
Do you prefer to have all your coverage (medical, dental, vision, and hearing) in one plan as opposed to having to obtain separate coverage?
4.
Do you prefer to pay an upfront set amount of premium so you would know what your medical costs are? Or would you rather pay a small to $0 premium above your Part B, and instead pay for services as you use them?
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**This is a personal website of Steve Walter and is not associated with or endorsed by any government agency. We do not offer every plan available in your area. Currently we represent 8 organizations which offer 56 products in your area. Please contact Medicare.gov, 1-800-Medicare, or your local State Health Insurance Program to get information on all of your options.