WINSTON-SALEM'S ONLINE RESOURCE FOR MEDICARE SUPPLEMENT AND MEDICARE ADVANTAGE PLANS FROM ALLCHOICE INSURANCE

Whether you are looking for information about Medicare Supplement Plans or Medicare Advantage Plans, or simply to obtain a Medicare Supplement insurance quote or a Medicare Advantage Plan, you’ve come to the right place.

WINSTON-SALEM MEDICARE SUPPLEMENT - TURNING 65 YEARS OLD? DECISIONS, DECISIONS

Are you a Winston-Salem Resident about to turn 65?  If so, then you have some important decisions to make.  First, you need to sign up for Medicare Part A and Medicare Part B.  Next, you need to determine whether or not additional coverage(s) would be beneficial for your individual financial situation.  If you do decide that purchasing additional coverage would be beneficial, you must then decide whether you should purchase a Medicare Supplement Insurance Policy, or whether a Medicare Advantage Plan would fit your needs better.  This does not sound too complicated thus far, does it?

WINSTON-SALEM MEDICARE SUPPLEMENT - MAKING THE RIGHT DECISIONS REQUIRES THE RIGHT INFORMATION

The real problem comes with finding the right information that will allow you to make the most informed decision.  We know that finding this information can be difficult.  We are Insurance Professionals and finding the right information to was difficult for us.  At ALLCHOICE, our goal with this portion of our web-site is to give you an informational resource that will help aid you in this difficult time.  While we feel the content on this web-page will be extremely helpful, we know that the information will not cover every question you have.  We suggest that you use the following government sites as resources:

Click a section below for more information.

NC MEDICARE SUPPLEMENT - SUPPLEMENT VS ADVANTAGE PLAN

For the longest time, if you wanted to purchase coverage that would fill in some of the gaps left by Medicare Part A and Medicare Part D, your only viable option was to purchase a Medicare Supplement Insurance Policy.  In recent years, another option has been introduced known as Medicare Advantage Plans.  As with many “new” products introduced in the Senior Market Place, there have been many unscrupulous sales tactics used in marketing the Medicare Advantage Plans to Seniors.  The facts are that there are advantages and disadvantages to both Medicare Supplement Insurance Policies and Medicare Advantage Plans.  The real problem for Seniors is finding the right information to make the right decision.  In order to make the right decision, we must first understand what the basic differences are between Medicare Supplement Insurance and Medicare Advantage Plans.

NC MEDICARE SUPPLEMENT - MEDICARE SUPPLEMENT INSURANCE

Medicare Supplement Insurance was designed to help fill in the gaps in coverage left by Medicare Part A and Medicare Part B.  The are currently 10 standard Medicare Supplement Insurance Plans that any company wishing to provide Medicare Supplement Insurance Plans must provide (Plans A – J).  There are 2 additional plans that several companies offer (Plans K & L).  Instead of writing about each plan, please check out these helpful documents:

Medicare Supplement Insurance Advantages

  • Guarantee Issue Period – Regardless of your health, the government GUARANTEES that you are eligible to purchase Medicare Supplement Insurance Plans A, C, and J if you enroll during the initial six month enrollment which begins on the 1st of the month in which you turn 65.
  • Lock In Your Age (Rate) – If you enroll during the initial Open Enrollment Period (see above), you lock in your entry age FOREVER.  Rate adjustments will be made only due to medical inflation or claims experience.  Simply stated, your rates will not go up unless the rates for EVERY one go up.
  • Your Doctor…Your Choice – By purchasing a Medicare Supplement Insurance Policy, your coverage is good anywhere in the United States.

Medicare Supplement Insurance Disadvantages

  • Affordability – The main disadvantage of a Medicare Supplement Insurance Policy is the premium you must pay for the policy.  Compared to a Medicare Advantage Plan, the premiums are generally higher.
NC MEDICARE SUPPLEMENT - MEDICARE ADVANTAGE PLANS

Medicare Advantage Plans are health care options provided under Medicare Part C of the Medicare Program.  These plans are approved by Medicare but operated by private companies.  In Winston-Salem, these plans are managed care plans that involve a provider network (HMO’s and PPO’s).  The Medicare Advantage Plans are NOT Insurance Plans!

Medicare Advantage Plan Advantages

  • Affordability – The main advantage of the Medicare Advantage Plans is Price.  Medicare Advantage Plans typically have a greatly reduced Premium compared to a Medicare Supplement Insurance Plan.  There are even plans with $0 Premium.
  • Extra Features – Some Medicare Advantage Plans offer “extras” not found on Medicare Supplement Insurance Plans like Vision, and Prescription Drug Coverages.

Medicare Advantage Plan Disadvantages

  • Total Out of Pocket Costs – When considering a Medicare Advantage Plan, you must look at what your total Out-Of-Pocket expenses will be.  Remember, total Out-Of-Pocket Expenses are not just the premiums you pay, rather they include all costs that you would have to pay with regard to your health care expenditures.
  • Limited Network – Medicare Advantage Plans utilize “provider networks”.  When looking at Medicare Advantage Plans, make sure that the Doctors and Hospitals you use are in the network.  Unlike Medicare Supplement Insurance Plans, Healthcare Providers do NOT have to accept your plan.  You could go to the Doctor one week and your plan will be accepted but not the next
  • Premiums Increase – Like “pre-65” Insurance plans, your premiums are not locked in like the Medicare Supplement Insurance Plans.  The premiums can increase each year.
  • Mobility – Most Medicare Advantage Plans are not National Plans.  Should you decide to leave your current city or state, you could be left without coverage.  Upon your leaving the Providers Area, there is a chance that you might not be able to obtain another Medicare Advantage Plan in the new area.
NC MEDICARE SUPPLEMENT - PURCHASING A MEDICARE SUPPLEMENT OR MEDICARE ADVANTAGE PLAN

By now, you should be armed with information that will help you make an informed decision about a Medicare Supplement Insurance Plan or a Medicare Advantage Plan.  The next step is to look at your options for each plan.  ALLCHOICE would like to be your Advisor of choice.  You can get a quote to get pricing on various alternatives or contact an advisor for more information