Understanding the Medicare Supplement

As Baby Boomers continue to reach retirement age, there has been an ongoing conversation about the future of Medicare. Recent trends suggest that Medicare Advantage plans have become increasingly popular compared to traditional Medicare Supplement plans. It's not uncommon to see advertisements for Advantage plans on television programs and other media outlets. Thus, it is important for those looking into their Medicare options to understand the differences between the two in order to make an informed decision. Let’s talk through the big differences between the two, and why Medicare Supplement, also known as Medigap, might be right for you.

The Disadvantage Plans

One of the more popular options has been Medicare Advantage plans, which are heavily advertised through media outlets. While Medicare Advantage plans have experienced tremendous growth in recent years, it is important to note that these plans have also come under increased scrutiny due to large-scale fraud and incentives that reward insurance companies for making patients seem sicker than they are. At Fair Square, we understand that not all Advantage plans are bad; however, it is still vital for those considering their options to be aware of the differences between traditional Medicare Supplement plans and Advantage plans in order to make an informed decision.

Floridians have many great Medicare Advantage plans to choose from compared to other states. But at Fair Square, we often recommend that our clients consider a Medicare Supplement plan instead of an Advantage plan. These supplemental plans help fill in some of the gaps left by traditional Medicare, such as deductibles and copayments. In addition to providing more comprehensive coverage than an Advantage plan, they also have no networks to worry about. Furthermore, they are not subject to the same incentives that might lead to medical fraud. We have crafted a way for residents of the Sunshine State shop for the best Medicare Supplement plans in Florida. This page offers more in-depth information about Medicare Supplement plans.

Plan G: The Most Comprehensive Coverage

For those eligible for Medicare after 2020, we recommend that you consider Medicare Supplement Plan G. Plan G is the most comprehensive coverage available and offers the best network options in Florida. Some Advantage plans have $0 added monthly premiums; however, this could become the costlier option over time as healthcare costs increase with age. With Plan G, you can save money in the long run and have access to the most comprehensive coverage.

People love their Medicare Supplements for many reasons, especially the best network in Medicare. With a Medicare Supplement, you will never have to worry about restrictive networks or having to pay out-of-pocket for care outside of your network. On an HMO plan, you may have the lowest premiums, but you will also be restricted to a smaller network. With a PPO plan, there is slightly more flexibility; however, you must still pay extra for care outside of your network. With a Medicare Supplement plan, you have the flexibility to seek treatment anywhere that accepts Medicare. This means over 90% of all doctors nationwide and allows you greater freedom with your healthcare choices. Why choose between PPO or HMO when Supplement plans offer much more flexibility.

To get the benefits you're used to from your old employer's insurance, you might think a Medicare Advantage plan is the way to go. But Medicare Supplement Plan G offers comprehensive coverage with no network fussing and no out-of-pocket costs beyond your annual deductible. The extra benefits of a Medicare Advantage plan might not be worth the hassle. Flex Cards that offer a grocery stipend sound great in theory, but you might end up spending more money to meet your out-of-pocket maximum than you saved on groceries. If you want a Medicare Supplement plan, and still need dental and vision coverage, there are affordable options to find plans outside of Medicare that can fit your budget. We can help find the right plans for you.

Takeaway

At Fair Square, our mission is to provide honest advice and help people better understand their Medicare options. We believe that Plan G is the best option for Floridians who want comprehensive coverage without any of the drawbacks of Advantage plans. It's important to consider all of your options before making a decision about your healthcare coverage – so don't forget to look into Medicare Supplement Plan G. Our team at Fair Square can help answer any questions you may have or guide you through the process of finding the right plan for you. Contact us today!