http://www.medicareforher.com/medicare-advantage… In today’s episode we talk about medicare advantage plans in nc…what to to be aware of, including a full list of pro’s and cons of those and your alternative options. This information is applicable for 2016/2017.
Here is the conversation written out, for all of my visual learners out there 🙂
Wendy: On today’s show, we are going to answer the question… Peggy is writing in and she is asking how in the world do I know whether to enroll in a Medicare Advantage or Medicare Supplement?
And this is a question we receive all the time.. it’s really like the ultimate question because, like we have explained in other videos, if you have original Medicare that pays for eighty percent and then you are faced with a huge decision to cover that other twenty percent.
So, you’ve got a Medicare Advantage plan or a Medicare Supplement plan and that is basically your two options, correct?
Tripp: Right. Or, they can stay on original Medicare and then you are responsible for the full twenty percent, which is a horrible idea.
Wendy: Yeah, I wouldn’t think many people choose that.
Tripp: You’d be surprised. Unfortunately, we see several every week who are paying…that means if you have got a million dollar bill you are responsible for two hundred thousand dollars of that, that is twenty percent; and there is no maximum it can just keep going up.
Wendy: We don’t want any of our viewers being subjected to that type of fee. So in our workshop that we do, we cover this in more detail but we wanted to shoot like a quick little video and kind of explain a few of the differences and basically in a nutshell what it covers.
And we have this chart that I will link you to below and it is a great little synopsis…
Tripp: It is kind of a cheat sheet.
Wendy: Yeah, it just kind of goes down the line and it has listed out items, does Medicare Advantage cover this and does Medicare Supplement cover this? Yes or no.
So do you want a kind of run through this?
Tripp: Well, let me first say when I started in the Medicare industry here in North Carolina, it has been quite a few years ago; but I started out as a captive Agent with one of the big insurance companies in the United States.
Well, they were captive and all I could offer was Medicare Advantage through them. So I guess a cut my teeth so to speak with Medicare Advantage and I wrote hundreds and hundreds and hundreds of them. I thought they were the best. I never knew a thing about Medicare Supplements.
But then I kept getting, as your remember, late at night, early in the morning, I would get phone calls from clients upset about their co-pays, upset about their out of pocket for in-patient hospital: “Oh my God, when is this going to stop? How much is my maximum out of pocket?” Even though I give them a summary of benefits, a lot of the time they wouldn’t read it, but they called me and I would go, “You could pay up to sixty seven hundred dollars this year out of pocket, or fifty nine hundred dollars, depending on the carrier.
And so I ended up…everybody who I could, switching to Medicare Supplement plans because I realized the difference.
Now, I did my best to do that because I saw sort of the fatal financial flaws in the Advantage plans.
Wendy: Right, and that is exactly what this list talks about. I mean it starts out: Restricted network of doctors and hospitals. Medicare Advantage, yes, Medicare Supplement, no.
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