💡 Traditional Medicare allows you to choose your own doctors and hospitals, but it only covers about 80% of costs, so many people also purchase a Medigap or Medicare supplement insurance plan to cover the remaining 20%.
💡 Medicare Advantage plans are an alternative way to receive Medicare benefits and often come with low or zero premiums. They may offer additional benefits like dental, vision, or hearing services, but they work with a set network of providers, and your doctor or hospital may or may not accept the plan.
💡 Medicare Advantage plans are not necessarily bad, but they may not be suitable for everyone. The decision between traditional Medicare and Medicare Advantage should be based on individual needs and the availability of plans in your area.
💡 Switching back and forth between Medicare Advantage plans and traditional Medicare with a Medigap plan may not be possible in most states. There is usually a limited open enrollment period to purchase a Medigap plan without medical underwriting.
💡 After the initial open enrollment period, insurance companies can ask health questions and consider pre-existing conditions when deciding whether to approve your application for a Medigap plan.
💡 Dropping a Medicare Advantage plan to return to traditional Medicare is possible during the annual election period, but remember that traditional Medicare only covers 80% of costs. If you want coverage for the remaining 20%, you'll generally need a Medigap plan, which may require medical underwriting.
💡 There are two types of trial rights that can allow you to purchase a Medigap plan without medical underwriting: one for people who initially enrolled in a Medicare Advantage plan and have had it for less than 12 months, and another for those who had a Medicare Supplement Plan and switched to a Medicare Advantage plan for the first time.
💡 It's important to be well-informed and understand your options before making Medicare decisions. Working with a knowledgeable and trustworthy professional can be helpful in navigating the complexities of Medicare.
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- https://www.youtube.com/watch?v=qtSeHOsvoFM
