Original Medicare, Advantage, or Supplement?
Which Medicare is Right for You?
Buffet Or A la Carte?
If you KNEW how much medical care you would need in the coming year, it would be EASY to figure out which plan is best for you. But we don’t know our future healthcare needs. It all boils down to how you want to spend your dollars to reduce your risk.
Original Medicare
Original Medicare is good basic health care coverage for many people. But it only covers about 80% of some medical costs. 80% sounds good, but consider medical costs you might incur as you get older–
Joint replacement (knee or hip): $16,500 – $33,000. One fifth of that is $6,600. Maybe that’s not a lot to you.
But what if you need heart bypass surgery? That operation could cost you at least $85,891. That is according to the American Heart Association
It means you would be responsible for paying about $17,178. Of course, the cost could be much higher if there are complications.
So, many people take an extra step to cover those catastrophic costs.
Advantage or Supplement?
There are two main approaches to this needed coverage. Buffet or A la Carte. Pay one price, or pay as you go. There are advantages and disadvantages to each.
The differences are in “what you pay” versus “what you get.” The vast majority of people pick either Medicare Advantage (about 1/3) or Medicare Supplement (2/3). You can’t have both types. You’ll want to pick one that best suits your considerations.
Medicare Advantage Plans are more “A La Carte.” you pay little or no monthly premium. But you usually pay something for everything you use, beyond most preventive care.
Medicare Supplement Plans are more Buffet. You pay a monthly premium for greater peace of mind. Because almost everything is already covered.
It’s a little more complicated than that. Your situation helps determine the best plan for you.
Questions to consider–
- How important is having a particular doctor (primary or specialist) to you?
- How much do you travel outside your neighborhood?
- Are you okay with paying a couple hundred per month? Or do you have to have $0 per month?
- Do you need the peace of mind knowing almost all your healthcare will be paid for (but at a monthly cost to you?)
- Or would you rather pay less per month because you feel you won’t need much healthcare in the coming year?
- How important is getting free transportation to the doctor and pharmacy?
- How important is vision, dental, hearing, discounts on insulin to you?
- Do you have a chronic medical issue, special needs, Medicaid?
Answering questions like these help determine the best plan for your unique situation.
Want a consultation with me? If you qualify for Medicare and aren’t sure where to start, I am a licensed insurance agent in the state of Texas.
Note: I do not broker every Medicare or prescription drug plan in your state. I will only offer to connect you with the companies, that in my judgement, offer the best value, benefits, price, and financial strength worthy of your attention.
That being said, please note this disclaimer– ““Currently, we represent 17 organizations which offer a variety of products in your area. You can always contact Medicare.gov, 1–800–MEDICARE, or your local State Health Insurance Program for help with plan choices.”