Medicare Supplement Versus Medicare Advantage
When it comes to choosing the right Medicare plan for you, there are some distinct differences between Medicare Supplement Versus Medicare Advantage plans. In this article, I will go over some of the general differences between the two. First, though, I will describe the steps to become eligible for these plans.
To sign up for a Medicare Advantage plan, Parts A and B must be in place. Part A comes at no cost to you. That is if you have worked in the U.S. and filed taxes for 10 years or 40 quarters. Part B comes with a premium. Depending on your income from two years ago will determine the amount you pay for that Part B premium. Once enrolled in both, you are eligible to sign up for a Medicare Advantage or a Medicare Supplement plan.
Multiple insurance companies offer Medicare Advantage plans. As of today six of the seven major carriers come with a no-cost monthly premium. Many of these plans even come with dental, vision, hearing/hearing aid, and drug coverage. These are great plans if you are planning on staying in your service area and where the cost per month is a concern.
Medicare Supplement, like the Medicare Advantage option, is dependent on your enrollment in Parts A and B. Once you are eligible to sign up for a supplement plan, you have 6 months after you get your Part B confirmed by the government. Once that six months is up, and you have not signed up for a supplement plan you will be required to answer health questions. If you sign up within that first six months, then you have a guaranteed acceptance with no health questions. That is why we suggest our clients sign up for a supplement plan as soon as they become eligible to avoid those health questions.