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Losing Medicare Advantage Plans - Find Alternative Insurance
Senior citizens who are losing a Medicare Advantage Plan usually do not where to turn to find a new health insurance policy. As most know, Medicare Advantage Plans are a replacement of Medicare coverage. They are not called a "supplement" like some may think. Due to the fact that Medicare Advantage Plans are able to not renew their annual contracts with Medicare, this can essentially mean that they could not renew your policy - leaving you without health insurance.
The Medicare Advantage system has taken tremendous hits in the recent years due to the way the plans are funded by Medicare. With funding cuts to Medicare, the primary target is Medicare Advantage. Simply put: the Medicare Advantage Program costs Medicare too much money and they are not able to sustain this level of expenditures. Several large negative changes will likely take place with the Medicare Advantage system in the upcoming few years.
For people losing Medicare Advantage Plans, a second type of insurance is a far better option. This type of coverage is called Medicare Supplemental Insurance - also known as Medigap Insurance. A Medicare Supplement Plan is NOT a replacement of Medicare, but it is a "supplement". This is a much more stable option as opposed to Medicare Advantage, because Medicare funds are not used to subsidize this type of policy. Policyholder premiums are they way these plans are funded.
If your Medicare Advantage Plan is being terminated through no fault of your own, you may qualify for a guarantee issue period, in which you can purchase a new Medicare Supplement Policy without answering health questions - guaranteeing coverage.
Like everything else in life, you get what you pay for. Initially with Medicare Advantage plans you don't pay much (as far as monthly premiums), but you will eventually pay hundreds, if not thousands, in out-of-pocket expenses. Medicare Supplement Plans on the other hand will be a very comprehensive policy leaving you with ZERO out-of-pocket costs in most cases. Medicare Supplement Plans will also enable you to visit any doctor or hospital that accepts Medicare.
If you are losing Medicare Advantage Insurance, it is an intelligent decision to learn about Medicare Supplemental Insurance plans and see if it would be an good fit for you. You can compare Medicare Supplement vs. Medicare Advantage plans by following the link. You can also view plans & rate quotes on our website, or contact one of our Medicare Advisors to walk you through your options by clicking here.
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