Medicare Cheat Sheet: Medicare Advantage
Breaking down the good, the bad, and the ugly of Medicare Advantage plans.
Thank you, folks. Welcome back into the Medicare cheap, cheap guide. Siri's Greg. We've had two really good segments. This one is important because I hear a lot a lot of people talking about Medicare advantage plans. And I don't think when I hear people talking, I don't think they quite understand the good, the bad and the ugly here. So let's let's break it down. What is it? First of all, what is the Medicare advantage plan? It is extremely confusing. Medicare advantage is referred to also as a part seat. Okay. And very often in a Medicare advantage plan, it does include the part D already so basically picture like an umbrella. The sea is urine, Barlett, and you have your A You're beating your d all underneath it. So we've got our ABC is covered A B C D. That's right. All right, All right. So why isn't it better than than a Medicare advantage plan? All right, Sorry. Medicare. Regular Medicare plan. Well, it za better than a traditional Medicare plan because your potential out of pocket costs is a lot better. Have a lot more benefits. Uh, in many. In some cases, you have dental you have basic vision, free gym memberships, some some companies, even cotton candy to Oh, my gosh. Yeah, As a matter of fact, you could actually get stuff sent to you right from the pharmacy. All right, so what you're saying here is Medicare advantage. Sounds to me. Based on what you just said. Sounds a lot. If you have dental coverage to it sounds a lot better than just a regular Medicare supplement plan. Well, you know, it's it's not as comprehensive as a supplement plan, because AnAnd Vantage plan, your maximum out of pocket could be anywhere from, like 3200, the $5700. So for for visit to the dollar per person per year per year. Okay, So if if you're like, if you're if you're going through life and things were going pretty well and there's no problems, you're you're in a great position. However, if you are sick, if you become very ill or if you have an accident, it could end up costing you a lot of money. Do you have as much choice yourself which physicians use that you do with the Medicare advantage? When do you have as much choice there, as you do with the regular medic Medicare supplement plan? Well, in actually, in most cases, I would say no. Especially if you're in a chem. Oh, because the Medicare advantage plans. There's multiple kinds. Most people get either in h m o or P p. O. I'm not gonna I'm not gonna go into a provider. HMOs, like people afraid of that. So So you have a network of doctors, and you can't use anybody outside of network or you pay more money or you could Absolutely Yeah. All right, so but the dental coverage makes a lot of sense to a lot of folks. And why? Why isn't is dental not covered under the Medicare supplement plans? You have to get your own dental plan. Okay, So so then that you know, if you have if you have a extensive history of dental work, it might make sense to lean towards the Medicare advantage plan. Well, yeah. And then also add extra onto you have extensive history. The older You could also that the teeth to start to go a little bit. You gotta be careful with that. Yeah, all right. But but the Medicare advantage plan will help you with that. You said they most familiar. Okay, Is there, uh, extra cost? If you want advanced coverage for dental or is it? It's the same dental coverage you can actually add on extra coverage, generally $20 a month. But the thing is, is the cost of the Medicare advantage plan, you know, first of all, Medicare advantage is as run. It's not state by state. It's county by county. There's 100 counties in North Carolina. Got 100 different plans. So you have 100 different plans in a large county like Wake County or Durham or Chapel Hill. Okay, you're looking at a lot more options. A lot more choices. Have you have more than one choice in some of the big counties? Were exactly When you're gonna get how does somebody know they need to deal with someone who understands it completely, Right? Exactly. You want to get stuck in something that's not quite the right fit? Precisely. Okay. What else can you tell me? What is it again? Are there any riel disadvantages to the Medicare self versus the Medicare? Right? The Medicare advantage plan. I mean, there was the biggest thing is Maxim out of pocket. You know, let's say let's say you let's say you have full blown cancer and you when you when you qualify for it, you need to go into that supplement because your maximum out of pocket is gonna be enormous. Potentially. Okay, so you got you gotta look at that potential maxim out of pocket. The other thing is are gonna be traveling. You're doing a lot of traveling. You have to be careful what plan you go to. Are they not acceptable out of state? When you do a Medicare advantage plan, it depends which plan your with. There's some plans if if, If you're with company a alrighty or company B. If you goto, let's say you're in California and you get sick. If you go to a doctor that works with company A, you will be able to have in for some companies you'll be able to have in house coverage. Let's say you have in North Carolina. You decided to take a trip to California. You may be Wes app, toe. Have coverage with the Medicare advantage in the regular medical Medicare sub plan. It without a doubt Medicare supplement basically is acceptable everywhere. That's why I call it the Mac Daddy. Okay, so that's why we're looking. And we're looking advantages of disadvantage coming up in a little while, but Okay, so it makes a lot of sense to at least review the positives and the negatives and see which one works for you before you sign up for anything. What about underwriting on Medicare Advantage? Guaranteed issue, no matter what. Okay, Even if you're out of your enrollment period Oh, excuse me. No, no, no, no. Actually, thank you for correcting me on that. Uh, if you're the enrollment period is in the fall starts the 15th of October and ends December 7th. That's when you can make any changes in your plan. And then there's also a period after that. If you don't like the plan that you're in a month starting in January so there's there are a lot more restrictions on the Medicare advantage plan. A lot more restrictions, but a supplement plan. There's not as many restrictions as far as changes. Okay, Alright, folks, that za pretty good summary on Medicare advantage. We've got a lot mawr. It's it's broken down a lot more in the workbook and you could get a copy that we see the number on your screen. But we come back. We're going to talk about a little bit more about these complex but truly advantageous programs here available to anyone over age 65 e.