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Considering basic Medicare with no backup insurance? That could be a costly mistake, experts say

bogey21

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Good article. This is not rocket science. It is economics. If you have plenty of disposable income, Medicare plus a Supplement, plus Plan D is the way to go. If your disposable income is limited, an Advantage Plan works best. Why pay more for the traditional Medicare trio? It is called flexibility. With traditional Medicare you can use any Hospital or Doctor in the country that accepts medicare. Most Advantage plans are HMOs, require a gate keeper and limit you to the Plan's network of hospitals and doctors...

George
 

Panina

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My mom for years wanted to go on an advantage plan as all her family and friends were on one, due to the cost of the supplemental. I kept telling her no and she kept asking why? My reason was to always have choice. Now older with medical issues she tells me I was right. She gets to choose who she wants as her doctors, worth every extra cost. When she needs the best she can get it.
 

isisdave

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Very true, Panina. DW, a retired mental health professional, had a couple of patients die because it took three months to get a specialist referral through their HMO.

Also, Advantage plans are usually centered in a particular location, which makes life difficult for folks who split their time, like snowbirds who winter in Florida. OTOH, they often provide coverage overseas. Some Medigap plans do this, but limited to $50k lifetime, and worse, to the first 60 days of your absence from the US.

The worst part of skipping additional coverage is the time it takes to get back on, if you don't have an applicable Special Enrollment Period. Annual signup is January through March and takes effect July 1. So if you get sick April 1, it will be 15 months before you can be back on Medigap or Advantage.
 

geist1223

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I did 20 years between Active Duty and Reserves. Small military retirement started at 60 and Tricare started at 60. Now at 65 Medicare is primary and Tricare is secondary. It was worth all those years.
 

bogey21

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I did 20 years between Active Duty and Reserves. Small military retirement started at 60 and Tricare started at 60. Now at 65 Medicare is primary and Tricare is secondary. It was worth all those years.

Medicare, Tricare is a nice combination and you paid for it (I say this with a positive spin) with your service...

George
 
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