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Trying to make sense of Medicare can be tricky, but we’re here to help! Let’s compare two of your options, Medicare Advantage (MA) and Medicare Supplement Insurance (Med Supp). Both options have pros and cons, with various things to consider in terms of costs, coverage and flexibility.
Medicare Supplement Insurance (Med Supp)
Pros
- Covers 20 percent of medical and hospital costs not covered by Original Medicare
- No referrals are required to see a specialist
- No physician network restrictions
- Fixed monthly premium
Cons
- They don’t cover prescription drugs
- Premiums can be high and vary based on your health
- Managing bills from multiple companies (Original Medicare, Med Supp and Part D)
- Extra benefits for dental, vision and hearing are generally not covered
Medicare Advantage (MA)
Pros
- Covers the percentage of medical costs not covered by Original Medicare
- Pay-as-you-go option with $0 premium available on plans
- Some MA plans work a lot like Med Supp but with more benefits
- PPO plans for the freedom to see out-of-network providers
- All plans have a maximum-out-of-pocket (MOOP) spending cap
- Most plans include Part D coverage for prescription drugs
Cons
- HMO MA plans may require referrals and in-network care
- Prior authorization may be required for some procedures and medications
Take the time to weigh these pros and cons and decide what’s important to you in a plan. Researching all the options will help you find the best fit for you.
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