When looking into getting extra healthcare coverage beyond the basic coverage provided by Original Medicare Parts A and B, you'll have to choose between either a Medicare Advantage Plan or a Medicare Supplement Plan also known as Medigap. One isn't necessarily better than the other, they each have their place in the market. In order to make the decision on which one you should go with; you should have some basic level of financial planning done ahead of time since the route you choose to go can have a significant effect on the potential out of pocket costs you pay for healthcare over the remainder of your retirement. More specifically, I discuss: Summary of Medicare Advantage Plans and Medicare Supplement Plans (aka Medigap) How Medicare Advantage Plans work compared to Medicare Supplement Plans How the decision between the two route of additional coverage coordinate with your overall retirement plan The pros and cons of Medicare Advantage Plans The pros and cons of Medicare Supplement Plans How prescription drug coverage works depending on the route you take How to go about making a decision regarding which type of additional coverage to go with   Resources: Access Show Notes and Sign Up for the Retired·ish Newsletter HERE Free Retirement Jump-Start Analysis Ask Cameron A Question!   The key moments in this episode are: 00:00:00 - Understanding Medicare Advantage and Medicare Supplement Plans  00:01:46 - Original Medicare Coverage and Additional Healthcare Costs  00:04:04 - Pros and Cons of Medicare Advantage Plans  00:10:51 - Limitations and Risks of Medicare Advantage Plans  00:15:28 - Understanding MA Plans and Drug Coverage  00:17:35 - Exploring Medigap Plans  00:20:14 - Pros and Cons of Medigap Plans 

Ver todos los episodios