Medicare Advantage vs Medicare Supplement | Watch Before You Choose Your Plan! | 2023 Updates 

Thank you so much for watching! What a nice comment! Not sure if this is the other video you saw, but this is our more recent version of this video with 2024 updates: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-eOP76hMPiDs.html Thank you so much!!

Hey! Appreciate you watching and your kind words! We feel like people are smart and will make the best decisions when they know all the facts. Still a lot of videos to make :)

My wife and I are choosing supplements due to risk aversion.

So are you connected to the bulk spam calls by the hundreds pushing advantage plans? Collecting massive bulk commissions tricking folks into advantage plans? They're relentless vultures, liars and even attempt to tell you you can get all these quirks of dental, vision etc, oddly they ignore telling you of the expensive co pays and pre authorizations and how many times they reject coverage when you really need it. So even when you tell them you have a supplemental plan they try to trick you into thinking you can have both. I hope you are true and honest.

Thank you so much for watching!

Thank you for sharing your experience! There are many Advantage plans that are excellent.

You are too kind! Thank you so much for watching and leaving such a nice comment!

So glad you find these helpful! Thank you so much!

Erick can I have your phone number I have some issues about Medical supplements I d like to discuss with you Tks

Advantage plans can be great! And so glad you are happy with your plan! Thank you for sharing!!

Thank you so much!

Wow, what a nice thing to say. We really appreciate you watching and taking the time to leave such a kind comment. Super glad it was helpful for you!

@@Theretirementnerds k km mmmkk(((kmmjjjkjj in

Thank you Alex!

Thank you so much Judy!

So glad it was helpful, thank you Joyce!

Thank you so much!

Thank you for the kind words! 🙏

Thank you so much! We have an updated version coming soon!

Thank you for spending some time with us :) So glad these are helpful!

Thank you so much!

Thank you David! Trying to help one video at a time :)

Thank you so much! Appreciate you taking the time to write this

So glad it is helpful!

Agree with you 100%. Medigap coverage is fantastic with higher costs.

Thank you so much Sherry!

Thank you!

Thank you for watching Michael!

Thank you for watching! We are coming out with an updated one that goes into even more detail and with 2024 numbers here soon :)

This made our day! Thank you!!

@90DaysFromRetirement you're welcome. I'll keep watching it !

Thank you for watching!

Thank you so much for saying this! We have an updated version coming out soon!

Thank you so much Deborah! Appreciate you watching :)

Thank you Dan!

Thank you so much! So glad it was helpful!

Thank you!!

Thank you for watching!

A lot of people we know love their Kaiser plan for all the things you mentioned. Thank you for adding your insights to this conversation!

Good to know!

My dad had Kaiser insurance. I remember him having me take him in for severe chest pains. They examined him and sent him home with antigas and an appointment to come in for tests. I took him home. The next morning my sister went over to visit him. When he didn't answer the door she sent her 6 year old son through a window. He found his grandpa lying on the floor, dead from a massive heart attack. Of course, that is no reflection on modern day Kaiser. That happened 45 years ago. Still, you can understand my reluctance to trust Kaiser.

HMO or PPO?

There are good or not so good doctors everywhere!

Glad we could help!

Thank you Michael!

Thank you so much! This is the 2024 update 🙂 ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-eOP76hMPiDs.html

Thank you, Brian!

Thank you so much for watching! We have an update in the works for 2024!

Thank you John!

Thank you so much!

Thank you for watching and adding your perspective to these videos. Really appreciate you!

That's the reason I decided to go with. the high deductible plan G. Only $46 per month. It's really a $226 deductible with a $2700 Max out of pocket and I can go to any doctor. It's very similar to the. MOOP of an advantage plan and even lower than some.

@@kathyann9643 HD Plan G is a great option if it is available in your area. A nice balance between regular Plan G and Advantage.

@@kathyann9643 That G plan in your area is really reasonable. In our (MN) the lowest is $200. Lucky you.

@@Theretirementnerds Is it available in Wisconsin or where can I find that information?

Thank you so much!

Sorry you had to experience that. Thank you for watching and sharing!

Thank you Daniel. Really appreciate this comment. That was very kind of you to say!

i thought so too. great resource

Good luck. My friend recently died from leukemia, 66 yrs old. He spent most of his last couple years in bed mostly fighting the appeals process for all the rejected authorizations and he needed for coverage and never did get the full treatments available that may have saved his life. He died last spring home in bed still fighting long drawn out appeals with the insurance company. Insurance company won, outlasted him and the insurance company saved their profits. Even tried to switch to medigap but was rejected over and over. Kind of like trying to get car insurance after you wrecked your car.

Thank you! Tigers are absolutely majestic!

Thank you! Appreciate you watching and commenting. There is more profit potential in there for Advantage plans, which is why you see a lot more ads around it all. We have a video coming out soon that actually breaks that down where those dollars come from. Supplement plan carriers are most often for-profit entities as well, just smaller numbers.

We appreciate you watching and leaving such a nice comment. Means a lot!

Thank you so much! We have a few other videos that address them as well. Some of our more recent videos. It's important that people know :)

Thank you so much for watching and taking the time tobleave such a nice comment!

Thank you so much! And yes, please share 🙏

Thank you so much! HSAs make a big difference!

Florida is expensive. High Deductible Plan G is quite popular in Florida. Ya, if someone only presents one option, that's usually a red flag unless, as an example, someone lives in an area that doesn't have Advantage plans, then only presenting supplement makes sense. Also, it is illegal to put someone who is on Medicaid on a supplement plan, so Advantage is presented. Outside of that, should be mentioning both.

Thank you! This is an updated version of this video 🙂 ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-eOP76hMPiDs.html

@@Theretirementnerds thank you! I will look. Your agency gave me an affiliate number for Minnesota that I will work with.

Thank you for watching and adding your thoughts. I wish we had met earlier!

You might still be able to switch back to Medigap without medical questions thanks to the 12 month Medicare Advantage trail period. Good luck.

Less to think about for sure. Advantage plans are required to cover emergency care as in-network. But supplement is a lot less to worry about.

Appreciate you saying that. Thank you!

Very good points all around. We have a Part D deep dive video we released recently (ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-17F6LUcujDE.html) and we touch on formulary and tiers a little, but after your comment, I think a video around the points you bring up is probably in order 🙂

Thank you!

Excellent point! That one slipped through the cracks on our long video!

Also, it is easy to switch around on MAPD plans if your health situation changes (ie chronic special needs plans), but switching supplement carriers after the guaranteed issue wears off could be impossible.

@@SuRFerretti great point. Yes, we are currently in the Annual Enrollment Period where people can switch each year. There are often opportunities in our area where carriers will allow switching to "like plans." So some will say, you are o. A Plan G with XYZ company, you can come to our Plan G with no medical questions. It isn't always an option, but it does happen.

Can someone confined to a bed qualify for a supplement plan?

@@yocastatapia-lugo85 Supplement plans are guaranteed issue when you first get Medicare post-65. No health questions. No pre-existing conditions will prevent you from getting one.

Happy to help in any way we can. My email is erik@90daysfromretirement.com Include your zip code and we'll have someone licensed in your area connect with you.

Thank you for watching!

Thank you for tuning in! Utah 🙂

Thank you so much!

That's the big question :) It is all about risk tolerance. Would you rather save money now in hopes that nothing goes wrong and have a rainy day fund in case something does happen? Or, would you rather pay the premiums as a sort of forced savings mechanism so that if something does go wrong, you don't need to worry about having an emergency fund. So happy to hear you are so healthy!

Great question. Advantage plans replace original Medicare, so that Part A deductible isn't applicable with an Advantage plan. What typically happens is that the Advantage plan has its own daily copays for days 1-5 as an example and then after day 5, the Advantage plan takes care of the rest. Those copays would go towards the Advantage plan Out of Pocket Maximum.

Thank you!

Sincerely appreciate you saying that! Made our day! We are on the same wavelength because we have that exact video recommendation in our list of videos to shoot, hopefully in the next week or two. The short answer for you now is that you would still be okay to get a supplement plan if you wait past 65. When you lost group benefits from your work or your spouse's work, you have a special election period where you would be able to sign up for Medicare Parts A & B. The Medicare Supplement Open Enrollment Period is 6 months from your Part B effective date. So if you get Part B at 67... let's say January... you have 6 months to get your supplement plan with guaranteed issue. Does that make sense?

Yes it does👍 Thanks for the quick response and looking forward to that video and of course all of your future videos.

Thank you!

Hi Jack. So glad this was helpful! It is so interesting to see how often the spouses play out like that because of what you mentioned with risk tolerance. If you'd like to interview us on being your agent, shoot me an email at erik@90daysfromretirement.com and we can figure out if we'd be good for you. Thank you for watching!

Haha no, no. The advantage plan cannot kick you off because they don't want you. If the company offering the plan you are on leaves the state and your plan is no longer available or the plan is shut down because of fraud, you would be notified this is happening with plenty of time to find something else. If either of those happen by the way, you could go on a supplement plan and be guaranteed issue at that point

Usually a reimbursement if it is an emergency. You will pay the cost of the service abroad and then submit the claims to your supplement insurance company who would reimburse you. Thank you for watching!

Thank you for watching!

Thank you Heather! Can you send me an email to erik@90daysfromretiremment.com with your zip code and w can connect you!

Indeed! Thank you for watching!

I have Physician's Mutual dental plan for 53.00 monthly and am happy with it. It figures about the same if included in supplemental, but do the premiums raise faster since it's a bundle? I have not added vision to mine because I get low cost exams through Walmart that test everything I need for eye glasses. Medical insurance paid for ophthalmology tests & procedures.

Hi Penny, can you send me an email to erik@90daysfromretirement.com and we can connect you via email?

We would definitely recommend someone who specializes in Medicare. We, along with other agencies have partners who are licensed in every state, but not physically located in every state. So, if someone is comfortable with a zoom call or phone call, the agent doesn't have to be local. For others, they prefer a local presence, which is totally warranted. Feel free to send me an email to erik@90daysfromretirement.com and happy to help in any way I can, even if it isn't using us. Thank you for watching and your kind words. We are working on a new and improved version for 2024!

@@Theretirementnerds One last question if you don't mind. If you change from one plan to another (I.E. you have Original Medicare, change to an Advantage plan then want to change back to Original Medicare) what is involved? Do you. have to go through a Medical Exam where you could possibly be denied? Thank you again.

You have 63 days from when you lose employer coverage. You can start the Part B process before then and set your Medicare start date for when you lose your wife's employer coverage. Great question! If you'd like our help, feel free to send me and email to Erik@90daysfromretirement.com with your zip code 😊

Hi Jeff, not without consequences. For a supplement plan, there is a window where you can get one without medical underwriting. That window begins on your Part B effective date and ends on the last day of the 6th month after your Part B effective date. If you do not sign up for a supplement plan in this window and choose to get one later, you will have to go through medical underwriting. With an Advantage plan, you have a 7 month initial enrollment window that starts 3 months before your 65th birthday, includes your birthday month, and goes 3 months after your 65th birthday *if you are signing up at 65. If you are working past 65 and come off of your group plan, you have a Special Election Period that is a 63 day window from when you lost group coverage.

We are finishing up a video that we will release likely tomorrow that covers this point specifically. Thank you so much for watching and commenting with your insight. It is so important!

yes, I pay $4 a month for the rest of my life because I didn't have a drug plan the first year. I didn't need any drugs.

@@annclif108 If you have creditable coverage from another source, you don’t incur the penalty. I get my meds from the Indian Health Service and if I find I need an expensive prescription that they don’t have, I can take a letter of creditable coverage and use it to get a Part D policy at any time with no penalty.

​@@annclif108so your saying over your lifetime it would have been cheaper to just pay the first year.

The fines or fees involved are how much? You are going to be paying 120.00 per year for the lowest tier, and I do not know how many years it would take to absorb that along with the increases they generally do per year. It would probably take an actuary to think it through. The premiums are not the bad part of part D, the deductibles with donut hole and catastrophic tiers looks like the worst part of it for those who need prescriptions. I see they are canceling the catastrophic tier soon. Deductible are still high though. Can anyone comment on this?

These plans are for low incomes and vary by state. While applicable, when addressing the majority of those going on Medicare, these plans are not available to most.

I'm so sorry to hear that you had a bad experience 😔 Agents matter, like any profession. It can be hard to know who to turn to and, decisions made at 65 in good health may have been decent decisions, but as we age, the odds of needing more care rise. So we try to help people understand the risk/reward of both options, not just now, but later.

It's sad but I feel there are a lot agents that are going to sell you what they make the most money selling. If they don't explain the difference you need to get a different agent and make sure your friends know about this agent. My experience with agents tells me they tend to want to sell the advantage plan but when you ask about plan G they drop the advantage and want to sell you plan G. A good agent should know the difference and explain it to you. I think I might start testing local agents to find how honest they are.

@@dotherightthing1187 it's a good plan you have. Nothing wrong with looking around and going with someone you trust.

What features seem to be supplement features?

Hi Massoud, yes. Got your email. We will connect you tomorrow. Thank you for watching!

Thank you Chris. Send us an email to Info@90daysfromretirement.com and we'll get you taken care of!

Thank you for watching, and it's not a stupid question at all. There are employer sponsored plans for retirees like what you have. They act almost like a mix of these two. If you are happy with it, you can keep it 🙂

Hi Sandra, correct. We will have some videos coming out on that in the future. Thank you for watching!

If the doctor does not participate with Medicare, there can be an up to 15% additional charge called an excess charge. That is covered with a Plan G supplement. Not covered by a Plan N.

Appreciate you watching and adding your perspective. For your first point and income trends, it is an interesting observation. We're assuming you are an agent? If not, you can correct us. In general, yes, people who have the means to afford supplement plans are more likely to get supplement plans. We do see a significant number of very well-off people choosing advantage plans because of the mindset of not wanting to pay for something they don't use while still having the means to handle a bad year or years hitting the MOOP on Advantage plans. So many different mentalities on this, but if people do not have at least a certain amount of wealth, they cannot afford supplement plans. The format was the best we could do. Not sure how else to compare Advantage plans that come with dental to supplement plans that do not. To the point of zero premium advantage plans having very, very basic dental and vision... that depends. Location is important. Carriers in the area and plans are important. There are several zero premium Advantage plans around here locally that have stronger dental benefits than the standalone offerings. There are also others that do not. For your third point, we had to go back and watch how we covered the administration of the two plans because it has been a while, but after watching again, we aren't fully understanding your disagreement with this section. We say almost verbatim what you wish was said as well as more on top of that about the negatives of Advantage plan denial and prior auth processes. On the supplement side, similarly, we only mention that if the procedure is not approved by Medicare, it will be denied, otherwise, if it is approved by Medicare, it will be approved by Supplement plans - no questions asked. Not really sure how else we could've phrased these. Again, appreciate your feedback and insights! Thank you for watching and reading this far :)

Hopefully, they explained it a little bit more in depth to you, because he says more than once it depends on where you live, etc on the exact cost, and what is covered!

Hi JR, Thank you for watching. Need a little clarification. When you say enrolled in a Medicare plan after two years, do you mean a Medicare Advantage plan or a Medicare Supplement plan? The answer is different depending on which plan you have and are trying to move away from.

This will depend, but usually, the answer is yes. Here are 3 scenarios: 1. If you went on Medicare at 65 and chose an Advantage plan, you can switch to a Supplement plan within 1 year with no questions asked. 2. You went on Medicare at any age, chose a Supplement plan to start, then switch to an Advantage plan, you have 1 year to try it out. If you want to switch back to supplement, you can within 1 year. This is only on your first time going from Supplement to Advantage, you can't keep switching back and forth. 3. You went on Medicare after 65 and took an Advantage plan OR you took an Advantage plan at 65 and it has been more than a year, then yes, if you want to switch to original + supplement, there will be a medical questionnaire. The insurance company can either accept you at your age rate, they can accept you but charge you higher premiums than they regularly would, or they could deny you. It isn't so much answering questions "wrong." You need to answer them honestly. They are asking about your health and any medical conditions. Certain, high-cost, chronic conditions will cause the insurance company to not want to take on that risk. Does that help?

@@Theretirementnerds tough to get into without getting into private health info...thanks for the response. do you know any agency that helps with questions like this? would love to talk it out but would rather do so privately...

@@friendsofjandt send me an email to erik@90daysfromretirement.com with your zip code. If we can help, we will. If we aren't in your state, I can connect you to someone who can.