Selecting a Medicare Supplement, also known as Medigap, or a Medicare Advantage plan depends on your individual needs and resources. Both have a vital role to play in providing comprehensive coverage. Below are some things to consider when making your decision.
Medicare Supplement/Medigap plans are designed to help beneficiaries pay for the gaps in Original Medicare including an individual’s share of Medicare deductibles and co-insurance. Medigap policies are attractive to those who want little-to-no copays when accessing healthcare services.
Medicare Advantage was designed to provide Medicare beneficiaries with a lower-premium option. Medicare Advantage plans have very little underwriting which makes it an attractive option for those who missed their Medigap Open Enrollment period and cannot qualify for a Medicare Supplement due to health conditions.
Some of the things to take into consideration include:
Working with an independent agent at Senior Financial Group can help you determine which coverage is best for you. Call today to schedule a one-on-one personalized needs assessment.
Medicare Advantage plans and Medicare Supplements/Medigap are optional coverage. Since Original Medicare does not have a max out of pocket, choosing between a Medicare Advantage or Medicare Supplement plan helps you to better control your out-of-pocket costs.
The premiums of a Medicare Advantage Plan are typically less than a Medicare Supplement/Medigap, in many cases a $0 monthly premium. For a Medicare Advantage plan, you pay copays and coinsurances for services as you use them. However, a Medicare Advantage plan’s maximum out-of-pocket sets a limit to the amount of copays/coinsurances you would potentially pay per year.
With a Medicare Supplement, you have more cost on the front end and very little cost on the back end. Your monthly premiums can range from under $100 to almost $300 depending on the Medicare Supplement you choose, your gender, and location of residence. Other than your monthly premium, and your Part B annual deductible, all other costs will be covered.
Call us today at 865-777-0153 to help you compare costs and evaluate your options. We never charge for our services!
Medicare Advantage plans may have network restrictions.
Medicare Supplements do not have any hospital/medical network restrictions.
Click here to download the infographic “Choosing Your Own Path“.
No, you may only choose one path or the other. Once you enroll in Original Medicare (Parts A & B) you may choose Path 1: A Medicare Supplement and Drug Plan, or Path 2: A Medicare Advantage Plan.
Whether you are ready for initial enrollment, or want to update your plan, we can guide you through your needs assessment to help you determine your path 1 and path 2 options, comparing plans and costs, and identifying possible savings. We will help you enroll in the plan that best suits your needs.
Schedule your free, personalized plan comparison with a trusted local expert. We will review all health coverage options available to you, and help you determine which Medicare Insurance Plan provides the right amount of coverage, at the right price.
Whether you enroll in plan coverage on your own, or with our assistance, plan pricing is the same. Call Today!
Serving Knoxville, the Tri-Cities of Kingsport, Johnson City, and Bristol, and the greater East Tennessee Area.
Medicare has neither reviewed nor endorsed this information.
Not connected with or endorsed by the United States government or the federal Medicare program
