Medicare Supplement insurance plans can be great for some, and not so great for others. Your particular health care situation will dictate whether or not a supplement is the right choice for you. In this week's blog post we will highlight some of the pros and cons of Medicare's Supplement insurance option in hopes that it will make your decision between a Supplement and an Advantage plan, just a bit easier.
Medicare Supplement Positives
- For most people, the biggest draw for a medicare supplement is the fact that they will not have to deal with any network of providers. All doctor's offices, hospitals, ect. that accept Medicare will serve you with your supplement coverage, this makes travel easier for many.
- Referrals are not needed for you to receive the care that you desire. With an Advatange plan, you may need a PCP referral/authorization in order to visit a certain specialist or receive a service. This is not the case with supplement insurance, if you need a service you can go get it done with no prior authorization needed.
- No doctor's office/hospital copays with a Medicare Supplement. When visiting a health care provider, you will not be required to pay a copay for your visit.
Medicare Supplement Negatives
- With a Medicare Supplement, you will typically have three premiums to pay per month. These premiums include; your Medicare Part B premium, your particular Medicare Supplement premium, and your Part D prescription drug (PDP) premium if you need drug coverage. Paying three premiums can be costly, so most individuals who have a supplement will visit the doctors quite often, thus utilizing their money spent on these premiums.
- Unlike Medicare Advantage plans, Medicare Supplement's do not carry ancillary benefits like vision, dental, hearing and OTC dollars. This can be a big downside for many when choosing their Medicare coverage as these ancillary benefits are important to most people. If an individual wishes to take a Medicare Supplement and still receive these types of coverage, they will have to purchase additional stand-alone plans to cover these areas of care.
- Most states are not guaranteed issue for Medicare Supplement plans. This means that in states like Florida; in order to be a Medicare Supplement beneficiary, you must go through medical underwriting and be approved for your plan coverage. If you have/had major health complications in these underwriting states, you can be denied for supplement insurance or have to pay a higher plan premium than anticipated for your supplement.
It is extremely important to understand all of the pros and cons of both Medicare Supplement plans as well as Medicare Advantage plans before making a decision one way or another. If you still are not sure which route for Medicare suits you best, call 315-529-1406 to speak to a licensed Poindexter agent today. The individual will be more than happy to illuminate which option makes more sense given your particular needs.
