Medicare Supplements

Most people get a plan that covers everything except the Part B deductible. Mutual of Omaha is a fairly popular one, but the same plan (Plan G, Plan N, etc) is pretty much the same for each company. You don't have to worry about network as the supplement just picks up where Medicare leaves off.

Cardinal Advisors has good informational videos on this as a starting point.

Medicare and Social Security explanations

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Should I hire someone to help me choose?

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Seriously? All Suppliments are the same. The difference is some companies have higher premiums than others. My mother has Mutual of Omaha and it has been phenomenal.

Do not forget to get a Part D prescription drug plan.

I will post a site tomorrow that can help you decide.

Thank you all. This helps.

Great that you're seeking advice to try to understand the various coverage options. Particularly helpful to hear from those that actually went through the process themselves or for their loved ones.

I'm going to elaborate on the process further and share my experiences. I work for one of the major carriers that offer Supplement and Medicare Advantage Plans. I also had to go through this process for my wife and myself, so I understand this can be a very confusing and complicated process.

Regarding using an agent or not, here's why you would because they all aren't created equal.

Article On Why

Agents are knowledgeable about the various Medicare plans available and can help you navigate the complexities of Medicare supplements. They can explain the differences between plans and help you understand which options best meet your needs.

There are SO many options and permutations of coverage options. Do you want to find out what's best for you on your own? Maybe you could, but I worked with one I knew that sold our programs and has a great track record helping her clients and friends I knew who raved about her knowledge and helpfulness. And I'm "in the business"' so to speak.

If you can find one with a great track record, comes recommended by friends or associates that have used them, it makes the decision process SO much easier.

AND..maybe more importantly, carriers create new plans, modify existing plans all the time, and you generally aren't ever going to hear about that. Agents do. It can (and did in our case) save you money and you should always review your coverage annually to see if you have the best combination of coverage and costs.

Regarding coverage, Medicare Supplement (Medigap) plans work alongside your Original Medicare plan to help fill coverage gaps, such as deductibles. Because it is used with your federal Medicare coverage, it is also accepted at hospital that accepts Original Medicare.

Your first decision point is between an Advantage Plan or a Medicare Supplement.

Forbes Article On Differences

Generally, Advantage Plans are cheaper and offer certain supplemental benefits. The downside is the network is more restrictive, so it would depend on your location, who you use etc.

Network access (ability to see the providers you want) was important to us. We personally went with the AARP Medicare Supplement and Aetna's Silver Script Prescription Drug Plan (For Medicare Part D, plans that cover prescription drugs) based upon the price and the drugs we use. Our agent helped us weigh the pros and cons of each and that's what we came up with and am very happy with both.

Forbes Article On Supplement Plans

All in all, we are very happy with our coverage and it was MUCH cheaper than the group coverage I could still get.

Good luck!

Ask your doctor what advantage plan he would want for his coverage.

Went through this with my mom a couple years ago. If you can afford it, Plan G or N (depends on price diff in your area) are probably the best options.

My mom was on Plan F for many years but premiums kept going up as the amount of people in it were decreasing as they stopped allowing new enrollments. We switched her to Plan G.

Here is a chart comparing different medigap plans:

https://www.medicare.gov/health-drug-plans/medigap/basics/compare-plan-benefits

Also I 've seen this site mentioned on Bogleheads several times. While we didn't use them, they are legit and doesn't affect your cost. They get paid by whatever company you go with:

https://boomerbenefits.com/

Usually about $300-$350 (yes seriously) per month including Part B.

Whatever you do stay away from Advantage plans. They limit your ability to get care when you need it. They limit who you can see and what type of care you get.

From a rehab stand point, good luck finding someone who will take them in the next couple of years. Reimbursement rates are ridiculously low so no PT clinics are wanting to deal with them. They also extremely limit your visits.

They’ll lure you in with “discounts and perks” or whatever, but make no mistake about it, they do not give you an advantage over traditional Medicare with a Part B for comprehensive healthcare.

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Nole Man; do you agree with this viewpoint?

Whatever you do stay away from Advantage plans. They limit your ability to get care when you need it. They limit who you can see and what type of care you get.

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Pros and Cons

Pros and Cons 2

Well, we didn't, so I guess the answer would be yes!

BUT..

Medicare Advantage plans offer several benefits that some consider important and they have their place. It's like the difference between the traditional HMO programs of years ago vs. PPOs. Do you want higher benefits, lower costs, but are willing to live with a restricted network of providers? In some cases, some people are just fine with that. See California and the Pacific Northwest with systems like Kaiser, Providence, Sutter. Maybe you're ok with that and maybe you don't worry about out of network or travel issues.

My experience is they don't sell as well in the South where open access has always been more important to consumers than other parts of the country.