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  • Writer's pictureJamie Smith

Is It Time to Take Advantage of a Medicare Advantage Plan?

Your Medicare Supplement, also known as Medigap, has increased its premium again, as it has every year since you enrolled. Given the current financial climate, it has become too expensive. You also pay separately for a Medicare Part D plan and separate for your vision, hearing, and dental plans. But you are so sick of those Medicare Advantage commercials, and your provider or the VA may even say they’re bad news. Plus, your friends or family tell you to stay away. So, is it a good idea to even look at them?

Perhaps. Medicare Advantage Plans are not meant for everyone, as Medicare is not meant to be one size fits all, which is why multiple options exist. Depending on your health, prescriptions, and doctors, a Medicare Advantage Plan could be ideal. The main reason Medicare Advantage gets a bad rap is that people enroll without help from a licensed Medicare advisor. This is where an insurance agency such as Senior Solutions can help.

So what is Medicare Advantage anyhow? It is Medicare Part C. It consists of Medicare Parts A and B, and most of the time, includes Part D, vision, hearing, dental, and some additional benefits.

Many Medicare Advantage plans come with low or $0 monthly premiums, with either no or low copays.

With a Medicare Supplement or Medigap plan, you pay a monthly premium that increases yearly. With either, you’ll still pay for your Part B premium. Unless you are on Medicaid or can receive additional funding, which is another reason to work with a licensed Medicare advisor so they can look into this for you.

When entering Medicare, you need to cover the 20% that Original Medicare does not. So you typically will enroll in a Medicare Supplement, with a relatively low monthly premium to start. You pay this monthly premium regardless of how often you visit the doctor. So if your premium is $120/month, you pay $1440 for that year plus whatever you have to pay for your Part D premium and otherwise for dental, hearing, and vision. After three years, you could be paying upwards of $2,400 +. Again, this is regardless of how often you go to the doctor.

Conversely, with a Medicare Advantage Plan, there are low to no cost premiums and copays to pay when you go. They all include a Maximum Out-Of-Pocket amount from $0 - not exceeding $8,300. This means no matter what happens, you will not have to pay more than the Maximum Out-Of-Pocket and only if something happens. Each copay goes towards the annual MOOP (maximum out-of-pocket). Many Medicare Advantage plans include Part D coverage, vision, hearing, dental, and other perks like Silver Sneakers, over-the-counter allowances, and more.

So if you are ready to see if a Medicare Advantage Plan is for you, we will happily review your current plan either over the phone or in person. Our services are always no-cost; once you become a valued client, we will review your plans each year and inform you if there need to be any changes made.

Are you ready for a change? Are you ready to become a valued client? Please call 833-905-1060, or visit our website for more information

At Bedrock Financial Group, our Senior Solutions Division ensures you are in the right plan according to your needs. As a result, we have become the go-to for Medicare and retirement for many individuals and their families.

We provide everything you need, from Medicare to Wealth Management to Property & Casualty, Mortgage Protection, Life Insurance, and more. We are here for you and your family up to and throughout retirement.

Our mission is to ensure you’re confident and happy, and we do this primarily in person or over the phone! We believe in-person communication provides a better understanding and builds a vital relationship for you and your family. We always do this at no cost to you.

If you have any questions about your current plan and would like a complimentary Medicare Benefits Review, please call us at 833-905-1060.

If you live near Lincoln County in Kentucky, we have a Senior Resource Center open Monday - Friday. Monday and Fridays are by appointment, with walk-ins being welcome Tuesday, Wednesday, and Thursday from 9 am - 4 pm. Please call 606-669-6002 for an appointment.


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