We are quickly approaching the deadline to opt-out of a Medicare Advantage Plan for 2011. February 15 is the last day that individuals can opt out of an Advantage Plan for the rest of the year. This is not to say that everyone should dump their Medicare Advantage plans- as many are a very good deal, particularly for healthy seniors. However, most of the time as seniors start to need long term care, they would be better served with a combination of traditional Medicare and a supplement. However, the downside to the supplement plans is that they all have a premium that is due each month. But, if you don’t start paying for the supplement plans when you are healthy enough to get through medical underwriting, then your choices are very limited when you get sick and wish you had a supplement.
If you are interested in learning more about the differences between Advantage and Supplemental plans, look at some of the posts from June 2010.