Advantage of about Medicare

post2: No age rating, so everyone pays the same price.  Big advantage for those getting older. Most companies rate your policy based on issue age.  Supplements can get very expensive as you get older and it can be hard to switch Medigap companies because of the underwriting and rating based on issue-age when you apply.

Travelling

Emergency coverage is provided worldwide.  Depending on the plan, some states may have in-network providers available, but it depends on the state and the plan          Supplements are the most convenient since there are no networks, so you can see any Medicare provider. Plan F also provides some emergency coverage outside of the U.S.

Medicare Disability

If you are on Idaho Medicare disability, this may be the best and only option.  You cannot be denied a plan as long as you have Medicare Part A and B               If you are disabled and under age 65 you will not be offered a supplement by most insurance companies until you turn 65.  Medicare Advantage Plans will likely be the best option for you.

Maintaining Coverage    Insurance companies cannot drop you due to age, health status, or claims.  The plans are reviewed annually by Medicare however.  Benefit changes can be made each year.  Sometimes plans are non-renewed, in which case you may need to change plans.                Insurance companies cannot drop you due to age, health status, or claims.  Unlike Advantage plans, benefits do not usually change except that plans will cover the higher deductibles that Medicare passes on.

If you are more of a visual kind of person, here is a chart from the Medicare & You Handbook published by Medicare:

Medicare Choices at a Glance from Medicare and You Handbook

Still unclear as to whether you want to buy a Medicare Advantage or Medicare Supplement Plan?  Consider the following:

- How is your health?  If you have some serious ongoing health problems then you will find that a Medicare Supplement is likely a smart choice for you since you can buy a Supplement such as Plan F and not have to worry about constant copays and trying to track bills from providers.  Conversely, if you are in average to good health, you may want to seriously consider a Medicare Advantage Plan since you can save a substantial amount of money on premiums and still have great coverage.  Many Medicare recipients will take the difference in premium between an Advantage Plan and Supplement plan, and then add up the copays they would have paid on average over the past 2-3 years.  For most people in average to good health, they will keep more money in their pocket by going with a Medicare Advantage Plan.

- What is your financial personality? 

  Do you prefer knowing your exact expenses every month and hate any surprises, even if it means paying a little more in premium?  Then a Medicare Supplement may be right for you.  Or, do you have flexibility in your budget?  Would you be willing to risk having to pay some copays if it means you can potentially save several hundred or thousand dollars a year in premium?  Then a Medicare Advantage Plan may be right for you.