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Best Benefits for me, Medicare Advantage or Supplements
Charles Kennedy • July 21, 2020
Supplements have no extra benefits...Advantage plans have out of pocket expenses.
Medicare Advantage plans are on the rise again this year. Yet with their co-pays and co-insurance payments many Medicare Supplement policyholders still shy away from making the change due to fear of extravagant medical bills should something should happen to them.
Dental and Vision Plans
On the other hand, I still get calls asking about dental or vision benefits from supplement owners wondering about what they see advertised on TV. Supplements do not have the extra benefits Advantage plans do.
Here is my answer to their dilemma. First you must realize there is no “best” plan except the one that fits your needs. Supplements have no extra benefits while Advantage plans have out of pocket expenses.
How do you get the best of both worlds? Well, there are competitive dental and vision plans offered at a very reasonable price to the supplement holder and there are some great hospital indemnity plans and critical illness policies that cover the financial exposure unique to the Advantage plan member.
I know you are bombarded by call centers daily telling you “new benefits and changes” to Medicare are happening now. I get these calls myself, but when I ask them to be specific as to exactly what has changed, they always hang up on me! That is because it is not true. The Advantage plans change once a year and the only change in supplements are prices.
So here are my suggestions, Medicare Supplements require a monthly premium every month whether you use it or not. Medicare Advantage Plans usually do not require anything monthly, or if they do, it is a reduced amount, so this frees up the difference between the monthly premium you were paying from the 0 premium Advantage, leaving you available funds each month to take a small hospital indemnity plan or critical illness policy out to cover the concern of possible out of pocket expenses.
These indemnity policies generally pay out a lump sum to you, the insured, with no strings attached. You can use it wherever needed most, and the critical illness policies most times pay at the first diagnosis. This means you have the money you need for treatments, expenses, or to do whatever you want with it. They are generally not costly, so you still save because the premiums are usually way below what a supplement cost each month. Even when you factor in the co-pays of physicians which most people do not incur every month.
Medicare Supplements do pay hospitals and doctors the difference Basic Medicare does not pay, so you know your medical expenses will not exceed your monthly premium except for a few deductibles depending on which plan you have. To many this peace of mind is worth the price. But they do not get the benefits an Advantage plan offers, so the answer for you then would be to purchase a dental plan alongside your supplement. It is not usually expensive but offers the protection desired to cover the exposure of dental or vision costs.
If you have any questions about which plan might be right for you, please contact me and I will lay out some numbers for comparison. Advantage plans generally have limited enrollment dates save a few exceptions. It is good however to investigate now to know what works best for your lifestyle. I am happy to help and only a phone call away.
Here are some links to poke around on prices and what is available for yourself:
I do not know about you, but I have had a few issues arise on top of the current pandemic and it is no fun! "Isn't the pandemic enough to have to deal with?" That is what my mind keeps saying as these things arise, but the circumstances do not stop just because there is another one, namely the pandemic. No unexpected event of a negative nature is ever pleasant nor easy to deal with, but it is certainly easier when there is only the one issue at hand. If you are experiencing anything that seems overwhelming, there is help available. Please do not let it get to you, seek assistance for relief immediately. If it is of a financial nature, most banks and institutions have policies in place to assist with forbearance specifically for times like these. If it is sickness or disease in addition to covid-19, do not be afraid, get the medical help you need. Fear is a tormentor, stop it in its' tracks. If it is depression, anxiety or similar, do not allow it to get worse, seek help from your pastor or mental health counselor. Sometimes just talking about it brings great relief. Times are difficult for everyone worldwide, but be thankful we have the ability to bounce back and deal with these attacks attempting to infringe upon our happiness. There is a Bible saying that I love, it is repeated multiple times throughout the Bible and I have adopted it today, "It came to pass". Just remember those words when the events of life try to get you down, "It came to pass", it cannot stay, it is not permanent, this is temporary, subject to change. Yes, this too will pass. If I can be of any assistance to you for peace of mind regarding any of your insurance affairs, please do not hesitate to reply to this email or call me. I primarily deal with Medicare, but also do Life Insurance, Liability, property and Auto insurance. Property and auto are limited to the State of Florida. You can always bounce a question off of me whether I am your agent in that policy or not. It is always my pleasure to assist. I am also a pastor, and if you just need to talk with someone, I am happy to lend an ear. Please do not let this pandemic get you down, remember, it came to pass. Thanks for being my client and my friend. Chuck Alpha and Omega Insurance Agency 1903 Northgate Blvd Suite 104 Sarasota, FL 34234 941-447-4538 Ps 27:5 For in the time of trouble he shall hide me in his pavilion: in the secret of his tabernacle shall he hide me; he shall set me up upon a rock.