As I mentioned at the start of some of my other blog posts:
No one type of Medicare Insurance plan fits everybody the same. What may work best for one person, may not work very well for another person. It is a personal choice for you to decide, but it is important to get all the facts first before making a decision. It is equally important to review the Summary of Benefits before picking a specific Medicare insurance plan.
With that said, there will always be conflicting view points on which type of Medicare Insurance plan is better than another type.
For example, I recently read an EBRI article, by Jake Spiegel and Paul Frontin, on which type Medicare insurance plan may have the least amount of savings needed for the average person over the long run, due to their analysis of their simulation model.
Click on web link below to read that entire article.
One example was for a 65 year old man enrolled in a Medicare Supplement (Medigap) plan with average premium would need to save $106,000 in order to have a 50% chance of having enough to cover premiums and median prescription drug expenditures, and a woman would will need to have saved $128,000.1
"To have a 90 percent chance of meeting their health care spending needs in retirement, a man will need to have saved $184,000, and a woman will need to have saved $217,000. Couples enrolled in a Medigap plan with average premiums, meanwhile, will need to have saved $234,000 to have a 50 percent chance of covering their medical expenditures in retirement and $351,000 to have a 90 percent chance.”1
"Representing an extreme case, a couple with particularly high prescription drug expenditures will need to have saved $413,000 to have a 90 percent chance of having enough money to cover their health care costs in retirement.”1
"Although there is significant individual-level variation, enrollees in Medicare Advantage plans generally have lower savings targets. A man enrolled in Medicare Advantage who has median drug expenditures and is an average user of health care services will need to have saved $57,000 to have a 50 percent chance of meeting his health care spending requirements in retirement, and he would need $99,000 to have a 90 percent chance. Meanwhile, a woman will need to have saved $69,000 to have a 50 percent chance and $116,000 to have a 90 percent chance of having enough to cover her health care costs in retirement. Couples will need to have saved $127,000 to have a 50 percent chance and $189,000 to have a 90 percent chance of covering their health care expenditures in retirement. Of course, there are other factors to consider when it comes to choosing a Medicare Advantage plan over traditional Medicare. Medicare Advantage plans often have limited networks or may require approval before certain medications or services are covered.”1
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A totally different Barron’s article by Elizabeth O’Brien entitled "Medicare Advantage Is Under Fire. What It Means for your Health-and Wallet” has a completely different view point and conclusion.2
Click on web link below to read that entire article.
1. Source: https://www.ebri.org/health/publications/issue-briefs/content/projected-savings-medicare-beneficiaries-need-for-health-expenses-increased-again-in-2023
2. Source: https://www.msn.com/en-us/money/insurance/medicare-advantage-is-under-fire-what-it-means-for-your-health-and-wallet/ar-BB1kcnYG
Note: Medicare Insurance information can be overwhelming and confusing to many people. As an independent licensed agent I can explain things to you in simple terms so you feel comfortable making a decision. Then I can help you choose and enroll in a plan that you feel fits your needs.
By the way, it doesn’t cost you any more if you enroll in a Medicare Insurance plan through me as an independent agent versus directly with an insurance company either over the phone or via the Internet, since I get paid by the insurance companies for your enrollment. Plus you will have personalized service by a local agent. If you would like my assistance, please call me at 941-404-5334.
By calling this number, I understand I will be directed to a licensed insurance sales agent.