It depends a lot on the person and the specific needs. Here are some of the pros and cons to both.
Medicare Advantage- Has little to zero monthly premium so everyone can get excited about that. However, the max out of pocket cost is the big number to understand with these plans. It can be as high as $6,700 per year. You also need to make sure you stay within the network and you often times will need a referral to see a specialist. One of the biggest challenges is the benefits and network keep changing every year on Medicare Advantage plans and many folks do not like that.
Medicare Supplement (or Medigap Plan)- It has a monthly premium, however, the "out of pocket" costs can be zero or very close to it. Many find it easier to budget one monthly payment rather than for unexpected illness and out of pocket costs. There is also "no network" with a Medicare Supplement so you can go to any doctor or hospital you want. If they take Medicare, they take the supplement, regardless of carrier. In addition, the benefits for a Medicare Supplement Plan are not allowed to change from year to year like a Medicare Advantage plan.
If you would like more Medicare information or to compare Medicare plans you can go to our website, SummitMedigap.com.
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Medicare Advantage- Has little to zero monthly premium so everyone can get excited about that. However, the max out of pocket cost is the big number to understand with these plans. It can be as high as $6,700 per year. You also need to make sure you stay within the network and you often times will need a referral to see a specialist. One of the biggest challenges is the benefits and network keep changing every year on Medicare Advantage plans and many folks do not like that.
Medicare Supplement (or Medigap Plan)- It has a monthly premium, however, the "out of pocket" costs can be zero or very close to it. Many find it easier to budget one monthly payment rather than for unexpected illness and out of pocket costs. There is also "no network" with a Medicare Supplement so you can go to any doctor or hospital you want. If they take Medicare, they take the supplement, regardless of carrier. In addition, the benefits for a Medicare Supplement Plan are not allowed to change from year to year like a Medicare Advantage plan.
If you would like more Medicare information or to compare Medicare plans you can go to our website, SummitMedigap.com.