Medicare Advantage vs traditional Medicare
I am a retired Illinois state employee with the IL Teacher Retirement System. I have been covered by United Health Care Insurance since 2014 when I retired. The state is changing us to Aetna on Jan.1. A few months ago I went over the Medicare handbook with United Health Care and the line by line the coverage was exactly same (as Medicare). The premium for my single coverage was a lot cheaper than the supplemental medical and prescription coverage I would need if I was under Medicare. Since the window to convert to Medicare is in November can you offer any advice as to whether I should stay with a Medicare Advantage plan or now switch to Medicare & the supplements etc.? I am in my 70’s and in very good health with no major health issues. I have read and heard that if you don’t go on Medicare when you retire you could be rejected if you want to join Medicare past a certain age.
Terry Says
Traditional Medicare has Part A, which is free, and Part B, which requires a monthly premium that is based on your income last year. YOu’ll also need a supplement to make up for the things that Parts A & B don’t cover. AND you’ll need a Part D drug program.
So there are a lot of ads for all-in-one Medicare Advantage prgrams, that might also include dental benefits. And its likely CHEAPER than all those parts of traditional Medicare.
So how do they do it?? And pay for all of those expensive commercials?
They limit your care to the physicians, hospitals, testing centers etc that they have under contract. It won’t matter ifyou’re well. But if you’re ill, you might want to choose your heart surgeon or cancer specialist. But they might not be in the group. So you’ll have to take what you can get. Those include providers that are willing to take less money for a guaranteed flow of business– not the “stars” you might want to access.
AND then, if you sign up for an Advantage program and do become sick, you can go back to traditional Medicare — BUT you are not guaranteed acccess to the best supplements. You are only guaranteed access to the best supplement (F) if you sign up within 6 months of becoming eligible for Medicare, despite any existing health conditions.
