Medicare Advantage vs. Medicare Supplements 2024 Which is Better?

🔑 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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Source for this video:

Medicare and You Handbook: https://www.medicare.gov/publications...

2024 Medicare Part A and Part B Costs: https://www.cms.gov/newsroom/fact-she...

What are Medigap plans?: https://www.cms.gov/medicare/health-d...

Original Medicare vs. Medicare Advantage: https://www.medicare.gov/basics/get-s...

Medigap requiring less prior authorization: https://www.kff.org/medicare/issue-br...

What Medicare Covers: https://www.medicare.gov/coverage

Medigap Standardization: https://www.medicare.gov/health-drug-...

What is Part D: https://www.medicareinteractive.org/g...)

Knee Replacement Cost: https://www.medicare.gov/procedure-pr...

Not needing a Medicare card after enrolling in Medicare Advantage: https://www.medicare.gov/basics/get-s...

CMS What's a Medicare Advantage plan?: https://www.medicare.gov/sites/defaul...

KFF Study about prior authorization: https://www.kff.org/medicare/issue-br...

OIG Report with examples of prior authorization denials: https://oig.hhs.gov/oei/reports/OEI-0...

KFF Medicare Advantage out-of-pocket costs: https://www.kff.org/medicare/issue-br...

2024 Average Medicare Advantage premiums: https://www.kff.org/medicare/issue-br...

Medicare Advantage Spending and Financing: https://www.kff.org/medicare/issue-br...

Official Choosing a Medigap Guide: https://www.medicare.gov/publications...