Who doesn’t love a good combo meal?
My favorite has to be the #1 at In-n-Out: A double-double with cheese, fries, and some of that delicious pink lemonade.
The whole concept of the combo meal is great: bundle up the food you would normally get a-la-carte and pay less overall. (Apparently, the first combo meal in America was served in the 1950s by a chain called Burger Chef. It was a complete meal with a choice of a burger, french fries, and a drink. The meal was called ‘Triple Threat’ and cost only 45 cents – what a deal!).
Medicare Advantage plans are very similar to the beloved combo meal; they bundle up the benefits of Original Medicare with a Part D plan and some ancillary benefits.
You typically pay less month to month for an Advantage Plan; they are also usually HMO’s, meaning there is a network of healthcare providers that you have to stay within.
Advantage Plans also tend to throw in some extra “perks” to sweeten the deal (“want a shake with your order for only a dollar more?”). Things like free gym memberships, basic vision and dental, and a grocery allowance are some of the extras you might see with an Advantage Plan.
Now let me just say that the biggest thing we care about at Martin and Associates is protecting your out-of-pocket exposure. We don’t want anyone to be financially shipwrecked because of medical bills.
If an Advantage Plan is what’s in the budget for you, that’s great. It will definitely help with the out-of-pocket exposure.
We also know that you may not be getting the same freedom of choice and flexibility as you would staying with Original Medicare with an added Part D plan and a supplemental (Medigap) policy.
Going the Original Medicare route is sort of like eating an a-la-carte meal at a steak restaurant. You can pick and choose which elements you would most like for a more tailored healthcare experience. This is also some pretty stout coverage.
We like to recommend the steak dinner option to our clients (and no, we don’t get paid more for doing this). We know it is the most flexible and high-quality experience there is when it comes to healthcare coverage.
But like I said earlier, we all love a good combo meal. If the Original Medicare route is not needed or not going to fit the budget, MA Plans are a fine option.
What do we care about the most? Limiting your out-of-pocket exposure.
Whether you are in the mood for a combo meal or a steak dinner, make sure to not go about the process alone. My favorite thing is to help explain and guide folks to the best coverage we can get for them.