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When choosing a medicare health insurance plan there a few ways to approach it and one approach may work better for some than others. Here are the two most common ways to set up a comprehensive plan that could fit your needs and how they differ.
Medicare supplement plans are designed by the government and named after letters in the alphabet such as "G'", "F", "K" an "L". Because they are designed by the government, private health insurance companies are not allowed to change that coverage or modify the design of these plans. To put it simply a plan "G" from United Healthcare will be identical in coverage to a plan "G" from Cigna or Blue Cross Blue Shield. The best Medicare coverage will be found through combining original Medicare with a supplementary plan. They also do not have networks. If your healthcare provider takes original Medicare any supplement should work with than doctor. These plans will be the best coverage available but as you would imagine, come at additional cost.
Medicare advantage plans will feel more like the health insurance plans that almost every has before turning 65. You will have out considerable pocket maximums, copays and coinsurance. They have HMO and PPO networks so they could be more hit and miss as far as if your doctor takes it. They are offered and designed by private healthcare insurance companies and not by Medicare. This means every plan is different, both in networks, pricing and coverage and it is more up to the insurance company what claims are accepted. While this may seem like Medicare advantage is less appealing but there many decent advantage plans that are fairly widely accepted and are free of charge. This type of plan would great for someone who would rather budget money for out of pocket healthcare expenses as opposed to having a higher premium.
There many more nuances to Medicare so make sure to talk to a Colorado health insurance broker to best understand your options.
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