Which Fits My Needs?

With all the different options you’re faced with as a soon-to-be Medicare beneficiary, we want to help you understand the difference between Medicare Supplement and Medicare Advantage plans, as well as the benefits and disadvantages of each, so that you can find the plan that fits your needs.

Medicare Supplement Insurance

Also known as MediGap plans, Medicare Supplement plans were designed to go along with Medicare and to fill the gaps in coverage that Medicare Part A & B alone do not fill. These plans are created to reduce the amount of money Medicare beneficiaries have to pay out-of-pocket and provide protection against unforeseen costs and medical expenses.  There are 10 standardized plans that the private insurance companies can offer, and we’ve gone through and narrowed down the choice to the companies who have a great track record for not only being fairly priced but also providing great service.

Benefits:

  • Guaranteed acceptance as you become eligible for Part B of Medicare
  • 10 standardized plans
  • Easy to find & compare plans
  • You can see any doctor that accepts Medicare
  • Typically covers more out-of-pocket expenses

Disadvantages:

  • Typically costs more than Advantage plans
  • Your premium will go up each year as you age
  • May need to qualify medically

Medicare Advantage Insurance

Rather than work with Medicare parts A & B, Medicare Advantage plans are designed to replace Medicare by offering the same coverage as Medicare plus more. Unlike the Standardized Supplement plans, these “Advantage Plans” are not standardized by any means. Advantages and disadvantages abound in all of the plans. These plans are largely funded by the government, which means that most plans boast a very low monthly premium. Each year, we do a careful comparison of each of the plans to narrow down which of the many plans available will provide the broadest and most comprehensive coverage.

Benefits:

  • More extensive coverage
  • Prescription drug coverage included in most plans
  • Offer extra coverage; i.e. vision, hearing, and dental.
  • Lower monthly premium

Disadvantages:

  • Many different plans
  • Subject to change yearly
  • Must use a doctor in the insurance company’s network
  • You will have co-pays and deductibles
  • Restrictions in getting coverage

Here at Hoopes Insurance Solutions, we review the policies every year and do a careful comparison of all the plans so you don’t have to. We will find the plan that fits your individual needs and make sure you get it at the best price. Contact us today for a free consultation.

Contact Us >>