3
 min read
|
Braden Mosley

Medicare Supplement vs Advantage: At a glance

Medicare Supplement vs Medicare Advantage is a big decision that 99% of people must make when they turn 65.

Today, I’m going to explain the difference without putting you to sleep.

I will also help you decide which is best for you.

In order to choose between Medicare Supplement (MS) and Medicare Advantage (MA), you'll need to know a few 🔑  differences.

I’m a licensed Medicare insurance broker, and the most common question I hear is “should I go supplement or advantage?”

After reading this concise list, you’ll understand MS vs MA on a deeper level, and you’ll know more than 95% of people about the difference between these options.

I hope this list educate you and bring you peace of mind as you approach Medicare.

1. Picking up the slack of Original Medicare

Original Medicare (parts A & B) was never intended to be full coverage. It is designed to cover the most medically necessary services, like hospital visits and regular checkups with your primary doctor.

For full coverage, you will choose between supplementing your Original Medicare with a Supplement and/or a Drug plan.

Alternatively, you can replace all of these plans with an all-in-one, Medicare approved plan provided by a private company, called a Medicare Advantage plan.

2. Choose the type of car before the trim

First, you choose the type of car - Supplement or Advantage.

Then, you choose the trim - the specific insurance plan.

Sometimes, people have a handful of plans they are considering before they even understand the difference between MS and MA.

Some people prefer a Prius, some prefer a diesel truck.

You wouldn’t put a diesel truck driver in a Prius no matter what the trim is (unless you want to get beat up).

3. Multiple Subscriptions (MS) vs. Merged A-la-carte (MA)

Now that we understand MS and MA are different vehicles, how are they different?

The simplest way to think of it is like this:

Medicare Supplement (MS) = Multiple Subscriptions

You pay separate monthly premiums for Original Medicare, your Supplement plan, and your Drug plan, and you can use services as much as you want.

(Your supplement will usually take care of your Part A and B co-insurance (copayments, deductibles, etc.))

Medicare Advantage (MA) = Merged a-la-carte

All of your benefits (A, B, Drug, Vision, Dental, etc.) are merged into one single plan (which also mean one card), and you pay for services as needed (with little-to-no monthly premium).

Note: you would still also have to pay your Part B premium

4. Your personality, behavior, and situation

Most the time, Medicare Advantage plans will save people money in the long run. They often have little-to-no monthly premiums, and tons of baked-in benefits.

Instead of giving money monthly to the government, you are keeping it in your pocket. However, knowing that, when you are on an Advantage plan, you must be able to budget for those occasional “as-needed” check-ups and procedures.

Also, if you feel like you’re in an unusual medical situation, there are often Advantage plans that can mould to your needs better than Original Medicare with a Supplement.

5. Find a professional you can trust

I do not advise going through the Medicare process alone. A mistake regarding health insurance can cost you big.

If you do not have anyone to help you, I am a licensed broker, and I specialize in Medicare.

The term “broker” means I work for you (the client) and can shop from multiple plans to find the one that suits you best. You do not pay me a fee, I make a small commission from providers in return for helping you get set up.

Click here to book a 15-min call with me.

I hope that helped you wrap your mind around Supplements vs Advantage.

While the plans get incredibly intricate, remember:

  1. Something must pick up the slack of Original Medicare
  2. Choose the vehicle before the trim
  3. Multiple Subscriptions (MS) vs Merged A-la-carte (MA)
  4. Your personality, behavior, and situation matter
  5. Find a professional (click here to book a call with Braden)

Subscribe to the Newsletter

Join 700+ readers of Retirement Reimagined for tips, strategies, and resources to gain financial freedom in your 60s.

I will never spam or sell your info. Ever.
Share this article on:

Taking the tired

out of retired

Subscribe to begin

Join 700+ readers of Retirement Reimagined for tips, strategies, and resources to gain financial freedom in your 60s.

I will never spam or sell your info. Ever.