If you are just entering Medicare for the first time, whether you’re turning 65 or coming off of employer coverage, it’s important to know all of your options.

For everyone just entering the program, you are guaranteed to get whatever coverage you prefer. This can be original Medicare with a supplement (Medi-Gap) or a Medicare Advantage Plan also known as Medicare Part C.

Everyone on Medicare MUST pay their Part B premium, whether you go with a supplement or Medicare Advantage Plan.

Below is a list of Pros and Cons for both options:

Original Medicare with a Supplement:

PROS:

  • See any Doctor that accepts Medicare
  • No need for referrals for a specialist
  • You are in charge of your Health decisions
  • Most have no Co-Pays*
  • Nationwide Coverage (no network)

CONS:

  • Monthly Premium on top of Part B Premium
  • Need for separate drug coverage
  • Premiums will go up every year you get older, usually between 1-3%.

 

Medicare Advantage Plans:

PROS:

  • Some Medicare Advantage plans have 0$ premiums.
  • In addition to the benefits that Original Medicare offers, your Medicare Advantage plan may cover additional benefits that are not covered by Part A and Part B, such as vision, dental and preventative care like a discounted gym membership.
  • All Medicare Advantage Plans have a yearly ‘Max out of Pocket’. If you reach that limit, you will pay nothing for covered services. These limits vary from plan to plan and can change yearly.

CONS:

  • With each Advantage plan being from private insurance companies, the out-of-pocket costs may be higher than original Medicare. Plan benefits and co-pays may change from year to year.
  • Each company may have hard rules regarding coverage when it comes to seeing specialists. Not all Doctors accept all Medicare Advantage plans and if you go out of network for coverage, you may have to pay higher costs or not have coverage at all.
  • Medicare Advantage plans can change year to year. They also may choose not to renew their contract with Medicare.

When going onto Medicare for the first time it is important to sit down with a professional and review all of you choices in regards to YOUR situation. Some of the important things covered in such a meeting are:

  • Does your current or preferred Doctor accept any Medicare Advantage Plans?
  • What medications do you take currently?
  • Can you afford to take on a monthly premium for a supplement?

Feel free to fill out our contact form and a licensed professional will reach out to you for a no obligation meeting. In dealing with us you can be assured that we will help you find the best Medicare fit for your situation. If you’d like a free quote for a supplement in your area, fill out the form here and see how much your supplement should cost.

*Plan N has co-pays.