Article by S. M. Malibu
Medicare Supplements or Medicare Advantage?
Each year, millions of Americans sign up for Medicare for the first time. Many of these people are unprepared to make such an important decision. Most of these new Medicare members were previously covered by a group policy that was selected by their employer, and are surprised by the myriad of choices offered by Medicare Supplement and Medicare Advantage insurance plans. It’s easy to cut through the clutter of all these plans, by focusing on the three components of Medicare coverage today.This tutorial describes the basic components of both types of plans and provides additional links to Medicare informational brochures provided by Humana insurance.
Medicare Basics
Medicare became the nation’s universal coverage of the elderly in 1965. The first person to be covered by Medicare (in a White House ceremony) was former President Harry S. Truman. It offers a basic level of health insurance coverage and is available to all American citizens who are over 65 years of age and some people who are under 65 years old, but who have certain chronic health conditions. Although it provides important health coverage, it can still leave seniors financially vulnerable to significant amounts of deductibles and coinsurance.
Medicare Supplements
As the name implies, Medicare Supplements help or supplement basic medicare coverage. A Medicare Supplement policy provides additional help with medical expenses at a cost that is in addition to the cost of Medicare. A Medicare Supplement will help cover such things as the cost of deductibles, copays, and coinsurance (where applicable). A supplemental plan is suitable for those couples or individuals who only want minor fluctuations in their monthly health care costs and are able to pay a small premium each month to gain that certainty.
Medicare Advantage
These “Advantage” plans are a complete replacement for Medicare Coverage. By law, they must offer the same or better coverage than a tradtional medicare plan. The federal government helps fund these plans, so the premiums can turn out to be very small in comparison to Medicare combined with a Supplemental policy. These MA plans can vary from traditional Medicare coverage and also offer dental coverage. An important difference in MA plans is that renewal is not guaranteed. Coverage and providers can also vary from a traditional Medicare plan. Many consumers are attracted by the lower cost of Medicare Advantage plans, although relatively new, these policies have grown to represent about 20% of the Medicare insurance market.
Printed Resource Materials
For an in-depth discussion om Medicare plans, a link to an online Humana brochure is included below.
Click here for a FREE Humana Medicare booklet
S.M. Malibu is an Advertising and Marketing professional with over 20 years experience. He writes extensively about health care marketing and the dynamics of Medicare Advantage marketing.
Click here for a FREE Humana Medicare booklet