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The Buckeye State, home to nearly 12 million residents, is a fantastic destination for retirement. Among its inhabitants, roughly 2 million are 65 years or older. As an increasing number of Baby Boomers reach retirement age, discussions have arisen regarding the future of Medicare. You might have noticed that Medicare Advantage plans are becoming increasingly popular compared to Medicare Supplement options. It’s possible that many of the advertisements you see on your evening news are aimed at selling you an Advantage plan.
The Problem with Advantage
The rapid expansion of Medicare Advantage plans in recent years does not guarantee sustained growth. In fact, these plans have faced increased scrutiny lately due to alleged large-scale fraud, as they have an interest in receiving more funds for patients with more severe health issues. At Fair Square, we do not view Medicare Advantage plans as inherently flawed, but they are frequently misconstrued. They can be a suitable option, but for many of our clients, we recommend exploring Medicare Supplement plans instead. To make the process easier for those new to Medicare, we have created a simple way to compare and choose the best Medicare Supplement plans in Ohio. Our page offers a comprehensive overview of Medicare Supplement to help you make an informed decision.
Go for Plan G
For those eligible for Medicare after 2020, Medicare Supplement Plan G provides the most comprehensive coverage and the best network. Some Medicare Advantage plans might claim to always be cheaper than Medicare Supplement plans based on monthly premiums, but this is not necessarily the case. Although many Medicare Advantage plans have no additional monthly premiums, the cost savings with Plan G are realized in the long term. As you age and your healthcare expenses increase, you may end up paying significantly more for the same procedures under an Advantage plan compared to Plan G.
Another factor that draws people to Medicare Supplement plans is the superior network within Medicare. The network you have access to can vary depending on your choice of Medicare Advantage plan. While an HMO plan may have the lowest monthly premiums, it also has the most restrictive network, making it difficult to see a doctor outside of your network without paying full out-of-pocket costs. PPO plans offer slightly more flexibility, but you still need to pay more to receive care outside of your network. Medicare Supplement plans have a network that encompasses all doctors accepting Medicare, which is over 90% of all doctors in the country. This provides you with the freedom to receive treatment elsewhere if necessary, all while still being covered by Medicare. There’s no need to compare HMO vs. PPO when Medicare Supplement clearly has the advantage.
You might believe that Medicare Advantage plans are the only option to access benefits that you were used to on your previous private healthcare plan, like dental or vision. While it’s true that these extra benefits are not available on Medicare Supplement plans, the benefits offered by Advantage plans may not be worth the inconvenience. Flex Cards, which provide a grocery stipend, may seem appealing on the surface, but they may not be worth it if you end up spending more money to meet your out-of-pocket maximum, which is not a concern with Plan G. If you prefer a Medicare Supplement plan and still require dental and vision coverage, there are budget-friendly options available outside of Medicare that can meet your needs. At Fair Square, we can assist you in finding the right combination of plans that best fits your budget and coverage requirements.
Takeaway
As you enter your golden years, it’s important to have high-quality healthcare that complements your high quality of life. At Fair Square, we believe that Plan G is the ideal choice for the majority of our Medicare beneficiaries. Our team of experts can help you navigate the complex process of choosing a Medicare plan that meets both your healthcare needs and budget. Start and end your golden years with peace of mind, knowing you have a top-notch healthcare plan in place.
DISCLAIMER: This content was submitted by Daniel Petkevich Founder & CEO @ Fair Square, and may contain affiliate links.