Medicare Costs Comparison | Advantage vs Supplement

Which will cost you more in 2023? A Medicare Supplement Plan or a Medicare Advantage Plan?

We look at what your fixed and variable costs will be with an average Medicare Supplement Plan G vs a zero dollar Medicare Advantage plan.

The numbers we use are typical costs we see in our area of the country (Mountain West). We do not address all of the positives and negatives of each plan (Supplement and Advantage). There are things outside of strictly dollars to consider with these plans. Always work with an agent on this decision.

Need help? Email me!

Chapters:
0:00 Introduction
1:18 Part A Premium
1:36 Part B Premium
2:30 Plan Premiums
3:12 Part D Premiums
3:38 Dental Premiums
3:59 Vision Premiums
4:15 Total Premiums
5:04 Deductibles
5:19 Copays
5:35 Excess Charges
5:58 Out of Pocket Max
6:32 Total Cost Sharing
6:58 Total Cost Comparison
9:01 Part D Cost Sharing
9:37 Dental and Vision Costs
9:49 Wrapping Up

[Theretirementnerds]

Thank you for watching and we appreciate all comments!

[et_phonehome_]

I love that you showed the comparison visually instead of just rambling numbers like other YouTube posters. Great job…

[golfkingtd]

You explained in 5 mins what I have been trying to get answered in about 5hrs of phone conversations in the last week. And still never getting any helpful ideas on Medigap and Medicare Advantage. Thank you !

[jjh]

Awesome info as always,
Very easy to understand .
Thank you so much!!!!👍

[smiley]

Thank you for helping to clarify the differences ~ I appreciate it!!😊❤

[masterlee]

I believe this is one of the best videos anyone approaching 65 can watch. There is so much information. I like the 2 sisters touch. that gets people thinking. For me it is peace of mind with the "G" plan and the fact that you can go to any doctor in the country that excepts medicare is a plus. Then out of pocket $233.00. I know the premiums are more but I would rather it paid up front than on the back end. I did learn something today as far as Part "D" We have to pay $505.00 towards our prescriptions before anything is paid. I see advertisements on plans that will have like 1, 200 drugs (tier one or tier 2 I think) that are $0 cost. Is that after the $505.00 deductible or is this an Advantage plan? Also within these plans "G, Dental, Vision, Part D" are there different ones or options. example 3 part "G" plans to choose from with different deductibles. Just curious as I thought I saw something like that. Now on another note I now have copies of my son's cookbook "The Cajun Ninja" I would be happy to send you a copy. Just need an address you know you will receive it. Any address you feel safe it getting to. If you or your wife love to cook I think you will love this cookbook. It is just a thank you for the awesome information you are putting out there for older people facing all these questions dealing with medicare. Great Job!

[davidfolts]

Thanks for your time creating more great content!💯

[nothingtodo]

Informative, concise, excellent. Thank you!

[garykay]

perhaps the best and most concise explanation that i have ever heard. thank you.

[jet]

To me the biggest factor is original medicare allows me to go to any doctor, specialist or hospital in my area or anywhere in the country and the advantage plans lock me into a medical group and their doctors. That alone is worth a few extra bucks in the best years for me

[kathimeci]

This is the best, most objective comparison of supplemental vs advantage plans I've seen. It is, however, all about costs, which the narrator acknowledges. The key point in this video for me is the statement, "you are confined to a network of doctors and hospitals", referring to advantage plans. Bingo! This is the main reason I chose a supplemental plan over an advantage plan. I don't want my insurance company telling me what doctors and hospitals I MUST use, or there is a higher cost. And I don't want to have to wait 3+ months for appointments. With my supplemental plan, I can go to any doctor or hospital in the country that accepts Medicare. I chose; I have control over my providers; not the greedy insurance companies. Plus, if you live in an area like mine, where good doctors and hospitals are rare and health care is poor, having a supplemental plan allows me to go to where I can get good health care from good providers. This is a big decision that should not be all about up-front costs.

[teams]

I am three years away from Medicare. I am still looking at videos like yours to learn what I will do. I am on company provided insurance until then. Thanks so much. Also, you are a good looking man.

[ritchgilleland]

Outstanding video sir, thanks for the valuable information. I am about 3 years away from 65 and just starting to look at my options.

[HarryRickards-qwkn]

I found this presentation very helpful and informative. It is a well balanced presentation of original Medicare versus Medicare Advantage. There were two major points it did not address that were very important to me:
1. You only have guaranteed acceptance into one of the supplement plans for several months of your 65 birthday or retirement date. After those few months, you are required to complete a questionnaire that many cannot pass (e.g., if you are diabetic you are not acceptable) and must take a Medicare Advantage plan which are guaranteed acceptance. At least this is most generally true.
2. Medicare Advantage plans are more local and if you travel out of state, you will likely be out of network and pay higher fees.

[B.H.]

If you are half of an elderly couple, consider how the remaining spouse will deal with leftover medical bills when one dies after a lengthy illness. It can be a blessing to have a Plan G where there are NO bills to deal with.

[mineyt]

thanks for clarification in very simple way without too much technical jargon.

[robertlindellburns]

The best explanation I could ask for was provided in a concise form and touched all the major questions I had. My PCP was recently acquired by a healthcare group and BCBS does not cover the new group - out of program, so big changes. Thanks for the outstanding contribution!

[marshallpoe]

One thing to consider that is totally separate from the costs but MUCH more important is this: In a Medicare Advantage Plan, the Plan determines what medical procedures are "necessary". In a Supplement Plan, you and your doctor decide what medical procedures are "necessary". So I'll keep the decisions on my medical well being to myself and my doctor and always go with the Supplement Plan.

[eckankar]

Clear presentation, you covered so much information. Thank you.

[sadie]

You failed to mention that under the advantage plans it is private insurance companies covering the plan. They can cancel or change the cost structure at any time . If they decide to cancel you, getting back into medicare can be troublesome. They are not required to accept you back