Traditional Medicare vs Medicare Advantage vs Medicare Part D vs Medicare Supplement Explained

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Traditional Medicare Consists of Part A for Hospital Coverage and Part B for Physician and Outpatient Services Coverage (e.g. lab, imaging).

Traditional Medicare Has a Low Premium that Must be Paid by the Beneficiary and Part B has Both a Deductible and 20% Co-Insurance with NO Out-of-Pocket Maximum.

Medicare Advantage Includes Hospital Coverage, Physician Coverage, Outpatient Services Coverage AND Prescription Coverage and Frequently Dental Coverage, Vision Coverage and Hearing Coverage.

Medicare Advantage Premiums are Low and Can Even Be $0.

However, Most Medicare Advantage Plans are Either an HMO with a Primary Care Gatekeeper or a Narrow-Network PPO Plan with Fewer Choices in Doctors and Hospitals than Traditional Medicare.

Additionally, Traditional Medicare Does Not Require a Referral to See a Specialist and There are No Prior Authorization, BUT Medicare Advantage Plans Frequently DO Require a Referral and Have Prior Authorization Requirements.

Medicare Part D Provides Prescription Drug Coverage for Beneficiaries Who are on Traditional Medicare.

Medicare Supplement Insurance is Optional Insurance that a Beneficiary Can Buy to Cover the Expenses Not Covered by Traditional Medicare, Such as the 20% Co-Insurance for Outpatient Services.

Sources:

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Wow, this is by far the best video about different insurance plans I have ever seen. It clarifies so much why innovations are ripe in the MA plan world. I would double like this if I could. Thank you Dr. Bricker

hiyanjun
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This is very valuable information. Many people who first enroll in Medicare and learn their first year what they should have done.

ryanweaver
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Thank you so much, Dr. Bricker. This is the easiest-to-follow explanation of the differences I've heard so far!

jdean
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The best video that explains it succinctly while being thorough.

romanticdreamsasmr
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Thanks, Dr. Bricker, this was great! Hope this racks up the viewership for you.

ChadHenryPharmD
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Your videos are very useful and provide lots of information. I have received lots of help with your video, please continue to share this kind of information. Thank you.

lucillemargot
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Thanks Dr. Bricker this was so helpful. I am grateful to have you as a teacher, you have taught me so much. Stay golden!!!!

andrewmacqueen
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Thank you for this very broad over view -- it's great -- if you don't mind chipping away at this iceberg with more videos -- I think a deeper understanding of this is vital to physicians as insurance companies are also buying hospitals and doctor groups. Greatly appreciate all your videos and this one in particular!

RaminR
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Awesome high level explanation. Thank you

ericklou
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You mentioned this is a high-level overview. Do you have a video on getting into greater details?

salbohcin
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in other video you said MA is a fixed amount per person per month not FFS ? could you please explain this to me. thank you.

ishraqalhamdani
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Thank you a lot for this video. This is very interesting and informative. Keep posting like those amazing videos, this is awesome.

elianasmith
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You didn't mention that if you go the advantage plan C route and have low or zero monthly fee you still pay the part B fee every month. You also have to stay in your network so if you travel or visit family out of your area and require hospital care you are screwed, no coverage!

rodneyavery
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if I took a advantage plan with a commercial, do I need to pay the premium for Medicare and Advantage plan insurance .

sreelakshmig
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Eric Bricker thanks for the video. Great explanation. I can see your passion.

2 questions:

Do you have a video explaining the "doughnut hole"? "

You said that in Traditional M. patients pay 20% of the bill. Is this not the same with Advantage?

Thanks again

vertigohan
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Thanks Dr. Bricker. Do you have an article that you have written (or recommend) on Medicare Supplemental policies? For example, in my experience almost every supplemental plan will cover the 20% (unless the plan has a unique deductible or something that makes a portion of the payment patient responsibility), but Medicaid usually denies coverage of the 20%. Why?

micahdriver
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Your explanation towards the beginning about the trend being Advantage - you made the percentages between Trad Medicare and Advantage accounting 100%. Methinks you left out Medigap aka Supplemental plans.

jackdolphy
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Does that $1.6K MA per member profit estimate include operating expenses or just Medical Expense?

TFhello-world
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Think about this… what if commercial, ACA plans, Medicare, self insured, etc… what if all of those stake hinders and investors in all of those plans AND those investing in insurance investments… all made heakthcare interoperability a non-negotiable in their plans?

The government needs to protect rights of people and groups. Privacy, transparency and proper oversight.

FYI… this very good explanations… there’s a lot of various subsidies. And, the various levels of government already contributes to health care and Research over and over. The reality that health systems and insurance companies do NOT own patient data… is more and more obvious.

The government needs to protect rights and this will also enable far better connections with community. It’s very workable.

ryanweaver
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Maddening that they focus on restricting access so they can increase profits.

mjmjmj