Today’s seniors have dozens of choices to make when they get their Medicare benefits. Choices are good, but sometimes they can also be confusing. One very popular plan, today, is called Medicare Advantage. Take a little time to clear up some of the confusion about Advantage plans so you know if they are good for you.
The second part of the question is a medicare advantage and medicare supplement plan (our example at $1500 annually) versus advantage plan which may have low or no cost. We addressed the comparison of Medigap versus Advantage in a whole separate article since we’re not comparing apples and oranges. Hopefully, we showed where the risk/reward lies between Medigap and just having traditional Medicare.
However, before you rush out to purchase a Medigap policy, there is an eligibility criterion that needs to be fulfilled. In order to purchase a Medigap policy, need to have the Original Medicare Part A and Part B plans. Secondly, such a plan has to be purchased through a private insurance company. You cannot buy the plan from a government organization. This basically means that you can purchase the plan from any private insurance company, you will still get the same set of benefits. No insurance provider can deny you coverage for something that another insurance company is providing.
AEP – This is the Annual Election Period. This is the one most people know about – the one you see the TV advertisements for. This occurs between November 15 and December 31 each year. You can make changes to your Advantage plan during this time.
You may wonder who picks up the cost for all this care. Personal medical or company medical insurance may pay a portion of this care, then you will have to pay the rest. You could have Medicare and a medicare supplements but this too only pays part of the expenses. You will have to pay the rest or your family members will have to help out.
Mary decided to call the company direct and ask about her options. They told her they could offer her Medigap plan F for more than $100 less than I had quoted her.
I decided that I should go to work at home writing articles like this one and helping others like me on their own journeys to reach their goals. Whatever you choose to do, remember this. Don’t be caught off guard. Take action. Take control.