Should I Get a Medicare Supplement or Advantage Plan?

When it comes to Medicare, it’s important to know that not all plans are created equal. There are distinct differences between Medicare Supplements and Medicare Advantage Plans that go beyond just the premiums. This video breaks it down.

Medicare Supplements: Freedom of Choice

With a Medicare Supplement plan, you have the freedom to choose any healthcare provider or facility that accepts Medicare. There are no networks to worry about. The supplement will cover the costs that Medicare Parts A and B do not pay.

One thing to keep in mind is that Medicare Supplements come with a monthly premium, which may increase over time. Additionally, prescription drug coverage (Part D) is not included, so you may need to enroll in a separate plan for that.

Medicare Advantage Plan: Lower Costs, But with Networks

On the other hand, a Medicare Advantage plan offers lower costs for in-network providers and facilities. You’ll enjoy the benefits of a preferred provider organization, meaning you have a network of healthcare providers to choose from. Sticking to in-network providers can help keep your out-of-pocket expenses down.

However, it’s important to note that going out of network with an Advantage plan can result in higher costs. Many healthcare providers and facilities nationwide may not be in-network, so it’s crucial to consider this when selecting your plan.

A Medicare Advantage plan must provide all the benefits of Medicare Parts A and B, and some plans even include prescription drug coverage. You may also find additional perks like gym memberships, dental, and vision coverage.

For additional help, refer to your new 2024 Medicare & You handbook or visit www.medicare.gov.

Learn More About Medicare Supplements and Advantage Plans

• Does Enrolling in a Medicare Supplement Cancel a Medicare Advantage Plan?
• Why Applying for a Medicare Supplement at the Right Time is Essential
• Misleading Medicare Advantage Ads: What to Look Out For

Listen to the Medicare Moments Podcast for More Help

Have more Medicare questions? Then listen to Medicare Moments with Toni King. Each episode, Toni shares her tips, strategies, and little-known facts to help listeners personalize their plans.

More Videos From Toni King & Jennifer

• What is Original Medicare?
• 3 Shocking Things Medicare Does Not Cover
• The Easiest Explanation You’ll Ever Hear About Medicare and How to Enroll