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Medicare Supplements vs. Medicare Advantage - Understanding Medicare Supplements - YouTube
Channel: Gordon Marketing
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One thing that I go over with every one
of my personal clients, is the difference
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between Medicare supplements and
Medicare Advantage. let's face it, every
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senior is overwhelmed with options. Just
in my home state there's over 30
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different options for Medicare Advantage
plans this year (filmed in 2008) 10 to 20 different Part
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D plans and dozens of insurance
companies that offer Medicare
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Supplements and then they have a through
J K or L, so dozens and dozens and dozens
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of options. So everybody wants to
streamline. Everybody wants a shortcut
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and they all say, "Sylvia
just give me the BEST plan." But there is no
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"Best Plan." Oh how I wish there were. There
are good plans that fit different people
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differently, so it's great to have a lot
of different tools in my toolbox here.
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Medicare Advantage and Medicare
supplement are both great plans, I put my
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mother on one plan, I put my father on
the other plan, one fit him much better,
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She based on her health how she doctors
how much she travels another one fit her
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better, so let's just talk about the
differences between Medicare Advantage
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and Medicare Supplement. Okay. Medicare
Supplement, I like to call this a
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"Cadillac" plan. It's a Cadillac because it
is extremely flexible: You can go to ANY
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doctor that accepts Medicare and ANY
Hospital in the nation. You're not
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restrained by any type of network. You're
going to pay a FLAT fee monthly, so it's
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great if you want to know your budget to
a "T". You'll know exactly how much you
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pay a month. So I'm saying $120 dollars a
month (based on 209 rates. This is going to vary based on
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where you live in the country) your age,
whether you smoke, male or female. It's a that's
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a good rule of thumb to say a 70 year
old is going to be around $120 dollars or
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$130 dollars a month. And then you'll also have on
top of that your drug coverage another
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$33 a month on average. So a flat a
hundred and fifty dollars a month that
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you know you'll spend every month each
and every month. All year, whether you use
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it OR NOT. That's the key. Okay
vs. Medicare Advantage Plans. Medicare
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Advantage plans, like I said, there's many
different plans based on where you live
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in the country, but these are the most
popular plans: $0 zero premium, so you would
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have zero monthly premium and most of
these plans have the drugs rolled in so
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it's your Medicare Advantage
and your Part D in MA PD together, both
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for zero dollars a month. So over here
where I said that you had complete
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knowledge of what your budget will be
every month, because you know you're
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going to pay $150 bucks --whether you use it or not-- over here you have no idea
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really how much you're going to spend a
month. If you don't use it at all
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clearly you're going to spend zero
dollars in premium, but if you use it a
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lot you're going to pay as you go. So I
love the scenario of envisioning these
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two separate products Medicare Advantage
is an Ala carte restaurant Ala carte. When
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you go to an Ala carte restaurant (say MCL Cafeteria, one of my favorites) you pay as
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you go. If you get the corn, the potatoes,
you pay for the turkey, you want pecan
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pie? You want jello? My kids bankrupt me
because they want to put every single
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thing on their tray. I'm pretty cheap to
feed there because I only want the pecan
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pie, I want some milk and I like mashed
potatoes. You know, very cheap just pay
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for what you use when you go met
advantage you're going to pay what you
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use so for example like I said this
varies tremendously I want product you
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buy where you are in the country but in
general to see a regular family doctor
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about ten dollars a month
I mean ten dollars a visit to see a
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specialist maybe 20 to 30 go to the
emergency room maybe seventy to a
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hundred dollars what really gets
expensive if you are in the hospital
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overnight and that could be anywhere
from let's say a hundred dollars to two
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hundred and fifty dollars per night many
different limitations based on the
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policy but you get the point you pay as
you go if you don't use it at all you
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have zero cost that month versus a
Medicare supplement it's going to be a
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flat fee every month I'm going to pay
that flat monthly premium for a year and
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it's going to be the same whether I use
it or not so if I have open-heart
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surgery I need a transplant I need my
leg amputated and a prosthetic and
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therapy still going to cost me $120 a
month the downside of that is if you
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like my dad and you never go to the
doctor you're paying a hundred and
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twenty dollars a month each and every
month so you look at somebody that goes
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to the doctor twice a year how much were
they actually paying for that doctor
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visit because they'll say oh it's free
when they actually go to the doctor
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they're not digging in there
get for a copay they don't pay anything
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at the doctor so they love that but
what's their actual cost right so their
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actual visit was custom $500 if they
went twice they might be a lot happier
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with a Medicare Advantage plan where if
they only went to the doctor twice and
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it was a regular family doctor they went
twice last year their total cost
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out-of-pocket would have been $20 now
they would have had to dig in their
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pocket for that copay and some people
just don't like that they don't like
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having to get their checkbook out or get
some cash out every time it's just not
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for them they'll pay more for the
flexibility of having it all paid for
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and having a set budget and now also the
big difference is of course your access
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to providers with a Medicare supplement
you can go to any doctor any hospital
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accepts medicare so it's completely
flexible across the nation you can put
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it in your pocket and go out traveling
and you know you're not going to have
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trouble with Medicare Advantage
depending on the type of product that
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you bought and there's many different
types of products that fall under the
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Medicare Advantage umbrella private fee
for service PPO HMO cost plans there's
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many different types of plans some have
a much wider range of doctors that
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you're eligible to see some are a lot
more restrictive with the HMO model so
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depending on which type of plan you have
you might not want to travel it might be
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too much of a hassle or you might not
want to take the risk of spending six
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months a year in Florida with at your
second house this might be a better fit
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for you budget is always a big
consideration right this is $120 a month
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this is zero dollars a month which one's
cheaper what's the bottom line like I
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said everybody wants a shortcut I don't
know what's the bottom line I don't know
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what your actual cost will be if you can
tell me with certainty how much medical
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care you're going to need this year
you're going to go to the ER you're
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going to break your wrist you had
bronchitis in the winter if you can tell
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you a certainty I can tell you exactly
how much it would cost you here and
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which plan will be better but you can't
so I can't tell you which one's actually
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going to save you the most money you can
look at your past history and see based
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on the last five years which one would
have come out more economically for you
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but insurance is all about risk and what
you feel comfortable with so the total
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risk right here is that
120 times 12 your total risk on Medicare
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Advantage of course is going to be the
floor most plans have a ceiling and will
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see every plan have a ceiling soon I
think legislators coming where that you
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can't pay more than a certain amount
typically three to five thousand dollars
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once you hit that amount you wouldn't
pay any more of the year so if this plan
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is a four thousand dollar plan and we
know over here this plan is a fourteen
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hundred dollar plan we can see you have
double the risk but you also take the
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risk that you would save more money on
this site so I go back to what I started
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with there's no best plan there's a lot
of good plans there's a lot of good
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tools that we as insurance agents have
to serve our clients we need to talk to
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each client as an individual and like I
said like my parents I don't necessarily
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sell the husband and the wife the same
plan and that's one thing that people
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get confused about they said Sylvia I
really liked you I really like what you
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sold me can you talk to my sister and
then I go and sell their sister
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something completely different then
they're flummoxed and they're saying
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well which one of us got ripped off
which was the best plan you know there
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there is no best plan when I look at you
as a client look at your help how you
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doctor your budget what you feel more
comfortable with like I said this is can
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be more inexpensive but you're just not
comfortable digging in your pocket for
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those co-pays as you go along you like
the certainty of knowing what your
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budget is going to be based on your
comfort level we can recommend what plan
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that we feel is going to be best for you
talk to us at Gordon marketing talk to
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your independent insurance agents we
want to serve you
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you
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