Choosing A Medicare Plan

» Posted by on Nov 13, 2011 in Featured, Medicare Options | Comments Off on Choosing A Medicare Plan

What are the different types plans and types of plans.

Do you find all of the Medicare options confusing?

How do you go about finding the right plan for you?

You can

  • Talk to a parade of Medicare insurance agents, each with a specific plan that they want you to choose
  • Respond to the most frequent advertisement for specific Medicare plans
  • Talk to someone who understands the various Medicare options and who has no preference as to which plan you choose but wants you to understand the choices so that you can be comfortable with each choice.

We’ve been working with Medicare plans for several years – all kinds and from several insurance companies.

Sometimes we are asked which plan we prefer.

What we prefer is not important. What our client prefers is important.

There are Medicare Supplement plans, which are insurance policies that supplement original Medicare and are designed to pay for the costs of medical care that original Medicare doesn’t pay. These plans are a no hassle way to receive care at a hospital, doctors office or out-patient clinic. The member receives care from a health care provider who accepts Medicare and the provider bills the insurance company for whatever Medicare doesn’t pay. It’s very simple and convenient. The one drawback is that Medicare Supplement plans have a monthly premium which is usually accompanied by a monthly premium for a Medicare Part D plan, a plan designed to pay part of the cost of prescription medications that are prescribed by a physician and dispensed at a pharmacy.

Then there are Medicare Advantage plans (Medicare Part C), which are plans offered by private insurance companies, are strictly regulated by Medicare, and are largely funded by Medicare.

The Medicare Advantage plans usually require that the member pays a copay when receiving care from a hospital, doctor or outpatient clinic.

These plans usually have much lower premiums than Medicare Supplement plans (sometimes no premium at all), and they usually include a Medicare Part D prescription plan at no additional cost.

Why choose one type of plan over another?

It’s truly a matter of personal preference.

Because the Medicare Advantage plans (Medicare Part C) have little or no monthly premium and reasonable copays, they are seen as ‘pay for what you need, don’t pay for what you don’t need’ plans. The annual out-of-pocket outlay for a Medicare Advantage plan can be a great deal less than the annual cost of premiums for the Medicare Supplement plans.

We have clients who can’t understand why anyone would not go with a Medicare Advantage plan over a Medicare Supplement plan.

We also have clients who can’t understand why anyone would not go with a Medicare Supplenent plan over a Medicare Advantage plan.

At the Wade Agency, we are neutral.

Our role is to help our client to be fully informed as to the advantages and disadvantages of each approach, so the client can be comfortable with his or her choice.

Please call us at (913) 440-9637 for a no-charge consultation.

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