We will all reach the age where Medicare insurance is something that we have to make some decisions on. For those in Loveland, CO, Greeley, Longmont, Fort Collins, Windsor, CO, and the surrounding areas, you can get expert help from our team at Volk Insurance Benefits. Whether you are opting to go with traditional Medicare or you want to use one of the Medicare Advantage plans, it is important to understand the pros and cons of both options. While this can be confusing, that’s why our team is here to help explain the differences and provide you with some guidance in making your decisions. Contact us today to learn more about Medicare insurance options.
Medicare vs Medicare Advantage
Medicare has been around since 1965 and it covers tens of millions of people. Medicare operates essentially nationwide so there are no networks of doctors and facilities that you need to worry about. Medicare Advantage plans, however, typically operate like a health maintenance organization, or HMO, where only specific providers in your area are covered. This can be an issue if you travel, such as going south for the winter months.
Traditional Medicare does not have any caps on out-of-pocket expenses, so those on Medicare often get a supplement or gap insurance to help deal with these sometimes high costs. Medicare Advantage plans will usually cap annual out-of-pocket expenses so that you know your maximum spending limit. This is nice for financial planning and budgeting.
Medicare also doesn’t include drug coverage in the normal setup, but users can opt to get Part D coverage which is for medications. Many Advantage plans automatically include this coverage as part of their full plan, so it is important to understand what options each offers and comparing that against what your drug needs are or could be in the future.
Beware of Switching Plans
It is possible to switch between Medicare and Medicare Advantage plans. It is also possible to switch between different Medicare Advantage plans as well. The trouble can come in when you have Medicare, switch to a Medicare Advantage plan, and then later want to switch back to Medicare again. Your Medicare gap and supplemental insurance may not be available when switching back to Medicare, so it isn’t a decision to be made lightly.
With all of the different options available to residents in Loveland, CO, Greeley, Longmont, Fort Collins, Windsor, CO, and the surrounding areas, it is important that you have an experienced team to help you answer your questions. Contact us at Volk Insurance Benefits today to start having the important conversations about Medicare.