Medicare Advantage Vs Medicare Supplement 2020
Seniors have plenty of health insurance options. And some plans are only available to them and those who are eligible for Medicare. We are talking of Advantage plans and Supplement plans. They can offer a lot of benefit to seniors. In this post, we will try to compare Medicare Advantage vs Medicare Supplement for 2020 plans to find out how they measure up. With this comparison, we hope that you can make a smart decision as to which plan to go for that is economical for your situation.
Medical Services They Cover
Both of these plans can handle medical services. To help you better understand how they work, we will explain these plans and give you the pros and cons of each option.
When you pick Medicare Advantage, you will have the following coverage items:
Medicare Parts A and B
Emergency medical services and urgently needed care services
For optional coverage, an MA plan may pay for your vision, hearing and general wellness costs. You can also find coverage for prescription eyeglasses and hearing aids. Then, you can get a plan with Medicare Part D. These are all optional coverage items.
Some Medicare Advantage plans will have those coverage items. However, all Advantage plans will have basic Original Medicare coverage.
On the other hand, Medicare Supplements have a list of different coverage items. These items may not be included in every Supplement plan.
Deductibles and copayments for Medicare Parts A and B
Medicare Part A coinsurance
Nursing services coinsurance
Three pints of blood throughout the year
Excess charge for all Part B services
Emergency healthcare travel costs for foreign countries
Supplement plans have eight plans with pre-set coverage. Medicare designed the kind of pre-set coverage that each plan should have. In that case, you will get the same coverage wherever you purchase your Supplement plan.
Cost of Getting Supplement and Advantage Plans
When determining which of these plans are ideal for you, knowing the cost of every plan is vital. Medicare Advantage policies have a monthly premium of $0 to over $300. The average rate is $140. It has fairly reasonable deductibles. They must be paid off first before you can start getting coverage.
Supplement plans, on the other hand, have a wider coverage because there are plenty of them. They can start at $60 and they can go as high as $450. Some plans are even higher than $450 but they tend to have lower deductibles. Higher monthly premiums would mean lower deductibles associated with Initial Medicare.
When you are deciding between Medicare Advantage vs Medicare Supplement for 2020, you must compare the rates first. To know how much these plans will cost you based on your area, consider using our free tool. This tool allows you to search for the plan that you are interested in and find out how much the insurers will charge you for it. You can easily tell which insurer offers the best rate and which provider is overcharging its clients for a particular plan.
As you compare prices, MA plans will have different coverage items from one another. However, Medicare Supplements have the same coverage as another plan, i.e. if they have the same name.
How to Enroll for these Plans
Advantage and Supplement plans will have different enrollment process. You need to meet their eligibility requirements. Keep in mind that they conflict with other policies in various ways. They also differ in enrollment periods. Let us give you the details to help you better understand how to compare them.
For eligibility, Advantage plans require that you are at least 65 years old. You must be living in the network area of the insurer that you are planning to sign up for.
Supplement plans, on the other hand, require that you have an active Original Medicare plan. You need to be eligible for Medicare. In that case, you also need to be 65 or older.
As for plan compatibility, you cannot have an active health insurance plan if you wish to sign up for either of these plans. But you can have Original Medicare. The reason for this is that both of these plans are designed around the basic Medicare. Each plan requires that you have basic Medicare to qualify.
But you cannot subscribe to both plans. The reason for this is that they provide duplicate coverage. In that case, you cannot have a Supplement plan and an Advantage plan at the same time. You must also get rid of your employer’s health insurance coverage if you wish to obtain one of these plans.
The enrollment period for these plans is different. Medicare Advantage has an Open Enrollment period. It happens at the same time every year. However, Medicare may change it in the future. In that case, you need to check us back in the future. For 2020, this open enrollment period will start on October 15 and it will last up to December 7, 2019.
Supplement plans, on the other hand, will have its enrollment period. You can enroll anytime within the six-month window. It starts three months before reaching 65 and ends three months after celebrating your 65th birthday. You must grab this opportunity to obtain a Supplement plan because it is the only time you can get coverage at an affordable price. Then again, you can still sign up for it at a later date.
To sum it up, the best way to determine which of these plans are suitable for your situation is to compare Medicare Advantage vs Medicare Supplement 2020. When you know the details of these plans, you can easily tell how they can work with your healthcare needs. If you have further questions about how they can cover your medical needs, please feel free to contact us. We can guide you on which plan to take for your healthcare coverage the following year.
Compare 2020 Medicare Advantage Plans