Medigap vs. Medicare Advantage | Julia Lembcke, President and Managing Director, URS Advisory

🔵 Decoding Medicare: What you need to know for 2023 🔵 Understanding Medicare can be complex, especially for newcomers. Whether you're a healthcare professional helping your patients navigate this terrain, or someone ready to retire, this distilled rundown of the Medicare Basics for 2023 is for you. 💡 Key Highlights: ✅ Medicare can be broadly categorized into two paths: Original Medicare (Parts A and B), and Medicare Advantage Plan (Part C). ✅ Original Medicare covers most of the medical costs, but leaves us with out-of-pocket costs, making a Medicare supplement (Medigap) policy a necessity. ✅ Medicare Advantage encompasses parts A and B, often includes Part D (Prescription Drugs), and replaces Original Medicare benefits. ✅ Networks limit us in the case of Medicare Advantage, but original Medicare allows us to choose any doctor or facility nationwide. ⚠️ Important facets to consider: 🔴 Initial joining period gives us just one opportunity to join a Medigap policy without responding to health queries. 🔴 Post the first year of Medicare, transitioning from a Medicare Advantage plan to a Medicare supplement requires answering health questions. By understanding these basics, you can equip yourself better to navigate the Medicare maze. [00:00:00] Intro [00:00:23] Paying with original Medicare parts A and B [00:00:50] Your Medicare supplement policy [00:01:33] Medicare Advantage plan, also known as Medicare Part C [00:02:32] Medicare Advantage plans have lots of different pros and cons. [00:02:58] Additional benefits like dental or vision coverage that are not included in original Medicare [00:03:46] With Medicare Advantage plans, there are no health questions [00:04:13] The #1 FAQ [00:04:51] When it comes to deciding which type of Medicare plan and which insurance company is best for you, we can help [00:05:15] Our services are completely free of charge, and it doesn't cost you a penny more to use us as your insurance agent [00:05:22] Thank you so much for tuning in today and we hope that this Medicare crash course helped get you the information that you're looking for [00:05:29] Please click subscribe on our page so that you're notified with any new videos Join our Email List: https://mailchi.mp/ursadvisory/stay-connected Schedule a 20-minute Conversation: https://www.ursadvisory.com/retirement-roadmap Opinions expressed herein are solely those of URS Advisory. All written content is for information purposes only. It is not intended to provide any tax or legal advice or provide the basis for any financial decisions. Material presented is believed to be from reliable sources; however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed in detail with your financial adviser or qualified professional before making any financial decisions. #Medicare #HealthInsurance #RetirementPlanning #MedicareAdvantage #OriginalMedicare #Medigap