We frequently hear comments from Medicare beneficiaries about how they considered themselves to be reasonably intelligent people until they started trying to figure out Medicare. Don’t be discouraged – Medicare is confusing to many people, and we are here to help you.
Choosing your Medicare supplemental insurance
There are a few considerations to keep in mind as you begin searching for Medicare supplemental insurance. First and foremost, you need to understand the difference between a Medicare supplement and a Medicare Advantage plan. They are not the same – in fact, they work very differently. Once you understand how each plan works… ask yourself some of these questions to help you filter down to which kind of plan might best suit you:
- Do your important physicians participate in any Medicare Advantage plans or do they only accept original Medicare?
- What insurance is accepted by your preferred hospitals?
- Do you travel out of the area frequently? If so, you might find original Medicare with a Medicare supplement to be a good fit for you since you can use it for any doctor or hospital in the nation that accepts Medicare.
- What is your risk tolerance? If you have a year of heavy health spending, do you have enough savings to spend the possible out-of-pocket maximum that a Medicare Advantage plan might require?
- How about peace of mind? Are you a person who will sleep better at night if you have a lower premium and just pay for services as you go? If so, you might be a good candidate for a Medicare Advantage plan. By contrast, if you tend to worry about unexpected expenses, a Medicare supplement could give you the peace of mind of knowing exactly what medical spending you will incur regardless of your health.
Our agency can help you identify which plan is right for you and how much the monthly premiums cost in your area. Working with an agent can be very helpful so that you get all the statistics you need before you decide, such as rate trend history and financial ratings for various Medicare-related insurance carriers.
Boomer Benefits works with many different insurance carriers, and we can be your one-stop shop for getting the information you need to decide. We assist our clients with finding plans that are accepted by their important physicians and that are also affordable for their budget.