A question I often get asked from those new to Medicare: "Which Medicare plan is the best?" as pertaining to Medicare Advantage and Supplemental products. This is a loaded question...before I share my choice let's be sure that you have a basic understanding of the types of Medicare.

What is Medicare Advantage:

A Medicare Advantage plan is Medicare coverage provided by a private insurance company. The plan contracts with Medicare and MUST provide at minimum the same coverage as Original Medicare. You must be enrolled in Medicare A (hospital) AND Medicare B (ancillary) to apply. These plans usually include coverage for inpatient services, outpatient services, ancillary services, and prescription. Some plans may provide coverage for vision, dental, and hearing services. Some may even provide benefits that can be used to pay for groceries, gas, electric, gym memberships, and over-the-counter medications. These plans replace your Original Medicare and will become your primary insurance.

Medicare Advantage plans are typically network based, have set copays, require authorization for some services like: cat scans, skilled-nursing, nuclear scans, and specialist appointments. These plans may or may not charge a premium in addition to your Medicare B premium.

What is a Supplemental Medicare Plan?

Supplemental Medicare plans (also called Medigap) are provided by private insurance companies that are contracted with Medicare to provide help paying for out-of-pocket cost sharing expenses called copayments or coinsurance. To be eligible you must be enrolled in Medicare A and Medicare B and there may be a 6-month waiting period for some pre-existing conditions. The plans are labeled by letters that correspond to the type of services covered. Plan types include "G", "L", "M", and "N". View chart here to see all plan types and coverage:

https://www.medicare.gov/health-drug-plans/medigap/basics/compare-plan-benefits.

A Supplemental plan can only be paired with Original Medicare, not with a Medicare Advantage plan. Supplemental plans are secondary insurance that pay for copays and deductibles. These plans have a a monthly premium additional to your Medicare B premium.

• These plans are offered by many insurance companies and the plans letters have the same coverage no matter what insurance company is providing it. The only thing that will be different from plan-to-plan is the premium (so shop around for the least expensive, as it is the same coverage).

Which Coverage Type is the Best?

Now that you know the difference between both plans, deciding which type of coverage is best for you will depend on a few factors: 1.) Projected frequency of care and services, 2.) Projected out-of-pocket cost of care and services, and 3.) Your budget

The above might me hard to predict and might change year-to-year; which is the purpose of annual enrollment from October 15-December 7th yearly. Start by reviewing your current healthcare needs and decide if you need coverage that provides extra help paying for cost-sharing expenses or if you need a plan that provides services above and beyond Original Medicare.

The best type of coverage will be affordable and meet your health needs.

Which Insurance Company is Best?

Now let's answer the question I get asked so often "Which insurance company is the best to enroll with?" This is truly a tricky question, and unfortunately, there is no one answer that meets everyone's needs. As an independent insurance agent, I represent many insurance companies and can certify that each plan has contracted with Medicare and each are required to meet Medicare's high standards and provide a basic list of services. Whether it is Humana, Aetna, United Heath Care, AARP, Highmark, Blue Cross/Blue Shield, etc... they all meet Medicare's basic requirements.

When selecting a plan you want to consider if the plan is in net-work, covered prescriptions, participating doctors, star-rating, and customer service. I do suggest working with an agent that represents more than one insurance company, as the goal will be to find the best plan for you and will not be limited by the choices of one insurance company.

To conclude, any insurance agent that claims that there is one insurance company that is the BEST, you should run away from. The best plan for you will not be determined by the name of the insurance company but by the plan that best meets you health needs and fits into your budget.

An agent that represents several insurance companies will be able to find you the best plan to meet your needs and will save you A LOT of time from doing your own research.

I would love to answer any questions you may have about your current plan or to help you find the best plan for you. Call today at 607-661-6911 or email me at agentnancy78.com or fill out a contact sheet and I will get back to you. Although I represent New York I have resources all over the nation and can help you find an agent in your state that shares my high standards and will meet your needs.

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Visit me here for new blog content...currently working on a blog sharing a lesson from an elder gentleman on "learning to be alone".

Thanks for stopping by,

Agent Nancy Smallwood