Medicare Advantage vs. Medicare Supplements 2024 Update!

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🔑 Key Differences Explained in 10 Minutes:

Dive into the essential differences between Medicare Advantage and Medigap plans for 2024. This video simplifies your Medicare choices, ensuring you make an informed decision.

00:00 - 00:14 - Introduction
00:15 - 00:54 - Overview of Original Medicare
00:55 - 04:00 - Understanding Medicare Supplements (Medigap)
04:01 - 08:02 - Understanding Medicare Advantage (Part C)
08:03 - 09:36 - Important long-term impacts of Medigap vs. Medicare Advantage

🏥 Original Medicare Overview:

Understand the basics: Part A (hospital insurance) and Part B (medical insurance).
Enrollment in both is required for Medicare Advantage or Medigap plans.
2024 costs: Part A is typically $0/month, Part B starts at $174.70/month.

Out-of-Pocket Costs with Original Medicare: We break down the potential costs without additional coverage.

Medigap Plans Demystified: Medigap fills gaps left by Original Medicare, offering nationwide provider access.
Popular plans like G and N are highlighted, with a focus on coverage and costs.

Medigap and Prescription Coverage: Remember, Medigap doesn't cover prescriptions; a separate Part D plan is needed.

Medigap Real-Life Example: See how Medigap covers an outpatient knee replacement, including a cost breakdown.

Medigap Pros and Cons: Quick overview of Medigap benefits and limitations.

Understanding Medicare Advantage (Part C): These all-in-one plans are an alternative to traditional Medicare, often including Part D. Coverage details, network rules, and prior authorization insights are provided. We discuss 2024 premiums and out-of-pocket limits, highlighting their growing popularity and extra benefits.

Medicare Advantage in Action: Example scenario: costs and coverage for an outpatient procedure under Medicare Advantage.

Medicare Advantage Pros and Cons: A concise summary of the benefits and drawbacks of Medicare Advantage plans.

Long-Term Decision Making: Emphasize the importance of considering Medicare Advantage vs. Medigap as a long-term choice. Discuss scenarios and factors to consider for each option.

📢 Engage with Us: Share your preference or questions about Medigap or Medicare Advantage in the comments!

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The lack of vision and hearing benefits with Medigsp is a deal breaker for me.

The low cost Advantage plans can really be a problem if you get really sick. But I have a very high price Advantage plan at $167 a month and its very comprehensive. Basically like my group employee coverage but better. This insurance company also offers low price plans but I shows this one. It is well worth the cost.

bilahn
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Really great presentation and informative! it is helped me understand the differences between the two options better. The slides are very helpful as well. However, presenter speaks too fast for me to keep up ~ slow it down a little and it would be perfect.

balinabeach
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My dad is on dialysis and the financial team for transplants told us he needs a 2nd insurance. He only has medicare A and B. What do you recommend

gustavom
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I will be 65 in Dec. I am currently asking questions. Medigap vs UPMC Advantage. I've asked several people in passing and they say UPMC Advantage is the way to go. I did talk with a PA Medi and he is trying to steer me to Medigap. I plugged my meds in at Goodrx and 'm seeing $10 but UPMC shows 0% for my generics. So I doubt I'll signup on Goodrx. Am I moving in the right direction? I am currently on SS at $1300 a month.

ericbond
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for part B based on income. Is it adjusted every year depending on income or set at the start? I'm turning 65 and under the 206K joint but maybe not in the years to come.

ryanl
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Guy needs to slow down. Talks way too fast. Come up for air

jimlangdon
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Well youtube won't allow me to elaborate on my previous comment.

People retiring with 200k in annual income are not watching this video. That might be 0.01% of retirees. Then there are real people who have busted their tails all of their lives and then get screwed by this monstrosity of a train-wreck. I'm there and in the middle of the train-wreck. We'll be fine, but if you create a system that generates yet another industry (medicare consultants) you did something very, very wrong.

4:17 is your clue. The government outsourced your healthcare.

5:00 - the HMO / PPO description. This part just angers me. For the past 30 years from employer to employer ALL OF MY HEALTHCARE COVERAGE has been in a PPO plan. I did 5 years or so on Kaiser as a personal healthcare plan, then Obama made the system worse, tripled my rates and had to drop them. The fact of the matter is that MOST Americans are on PPO plans, so pointing this out is sort of a "duh" moment. It just doesn't matter.

cgilleybsw