• Mott Tax Advisory Services Medicare Advantage vs. Medicare Supplement

    Before you decide on which Medicare option to choose, you must understand the basic tenets of Medicare Supplement and Medicare Advantage first. These insurance plans are different from each other and they obviously have distinct benefits depending on your circumstances and needs.

    Medicare Advantage

    This insurance plan is most commonly offered by private insurance companies and it provides hospitalization and medical coverage for Medicare A and B. In some instances, a Medicare Advantage offers additional benefits which are not included in the package such as prescription drug coverage. These benefits are delivered to holders through various options such as through a Health Maintenance Organization (HMO), Preferred Provider Organization (PPO) or through a Private fee-for-service (PFFS).

    A Health Maintenance Organization or HMO is composed of a network of health care professionals and facilities where you can choose a healthcare professional to facilitate the care that you need. A PPO or Preferred Provider Organization on the other hand is also composed of health care providers and facilities but patients cannot choose the primary care physician who will attend to their needs but will be given freedom to choose out of network care. A PFFS is a type of benefit delivery wherein you are not limited to a network but there's no guarantee that your physician or hospital will accept your plan.

    Medicare Supplement

    This type of healthcare insurance policy is designed to pay for certain healthcare needs that are not covered by Medicare A and B. While this type of healthcare insurance has more benefits as compared to Medicare Part A and B, they no longer cover prescribed drugs as this can be added through a standalone Medicare Part D plan coverage.

    When choosing between Medicare Advantage and Medicare Supplement it is suggested that you conduct a great deal of research. Your research must focus on the pricing structure of the health insurance coverage because the benefits of both policies may be standard, but their prices may not be. With that, you should read the description of each healthcare insurance policy and look into the following terms:

    - Monthly premium
    - Deductibles
    - Doctor and healthcare facility restrictions
    - Benefits
    - Anticipated plan costs given your typical use of healthcare and hospitalization services
    - Prescription drug coverage cost sharing as it relates to your medication usage

    Our 24/7 Customer Service support team will be more than glad look into your needs and provide you proper instructions on how to avail of our services. Here at Mott Tax Advisory Services we are guiding you with safe, simple solutions designed to help you meet your financial goals, not ours.