What are Medicare Advantage Plans and is it right for you?

Medicare Advantage plans, also known as Medicare Part C, are an alternative to the option of Original Medicare. These plans offer a bundle of the different medicare options that will provide you with well rounded care. This option may be best for your situation and we want you to be informed as you are looking for coverage options. We will discuss pros and cons of these plans and provide questions that you should ask yourself before choosing a plan. By the end of this post you should be able to make a decision whether a Medicare Advantage plan would be right for you.

Pros and Cons of Medicare Advantage Plans

As with all insurance plans there are pros and cons to each plan available. These Medicare Advantage plans are no different. Let’s discuss what makes these plans great!

Advantages

No to Low Cost Premiums

Regardless of where you are in the country a Medicare Advantage plan is going to provide a lower cost premium than another option called a Supplement, and in some areas you may have a $0 premium. You may be able to get additional benefits within the plan such as dental and vision. This means that it is likely that you'd be able to get more of the care you need all within one plan at a lower cost.

Limits on Out-of-Pocket Expenses

These plans come with low out-of-pocket costs from the start, but they also may include limits on the these expenses. This alone is able to save you money on your health care costs. According to the US National Library of Medicine those covered by this plan are able to save money on services and equipment needed for their medical care.

All-In-One Coverage

The best advantage of a Medicare Advantage plan is the coverage that you get. Often these plans include dental, vision, hearing, prescription, over-the-counter, and transportation benefits on top of what is already covered. Some plans even offer flex benefits such as gym memberships, and credits that can be used toward assistive devices, additional dental and vision coverage, paying utilities, and more depending on the plan and your needs. It is a all-in-one package to handle your medical care.

On the other side of the coin, it is important to think about the disadvantages as well when choosing a plan.

Disadvantages

Limited to In-Network Providers

The major disadvantage of a Medicare Advantage plan is that there is a possibility that your healthcare provider is not in-network. This mean the plan determines which doctors you are able to see although, when available in your area, there are some PPO options which would allow you to see providers out of the network but at higher out-of-pocket costs.

Limited to Geographical Areas

Many times these plans are limited to a geographical region. Depending on your lifestyle this may be a factor to think about. These plans do not typically cover the whole country except in an emergency situation. If you travel a lot, are moving, or have many homes that you travel between this plan might not be right for you.

Loss of Employer or Union Coverage

Depending on your employer or union coverage you may lose that coverage by joining a Medicare advantage plan. Before pursuing these plans it is best that you consult with your benefits administrator on your specific situation. The danger here is that it is possible that if you loss employer provided coverage that your spouse or dependents will lose coverages as well, although other coverage options are typically available for them.

Limited Enrollment Period

Plan changes are limited to the Open Enrollment Period from October 15 to December 7th each year with the exception of certain special circumstances. 

There is also an Initial Enrollment Period that generally begins three months before turning 65 and ends three months after when you can apply for your Medicare A and B and be eligible to enrollment in a Medicare Advantage plan.

Is a Medicare Advantage plan right for me?

You now know the pros and cons of Medicare Advantage plans, but you may still be asking if this is the right solution for your healthcare coverage. There are questions that you will want to ask yourself before you decide to move forward with one of these plans. 

• Are my doctors and other health care providers in network?
• What is the service area for the plan?
• Will I lose my employer coverage by taking a Medicare Advantage plan?
• What costs should be expected when taking on one of these plans?
• What would be the limit, if any, on out-of-pocket expenses?

These are questions you will need to think about as you decide if these plans are right for you.

What should I do next?

I know that there is a lot to think about when it comes to making these decisions.
Jeremiah Insurance exists to help you make the best decision on the coverage you need as life happens. If you have more questions, lets have a conversation. You can message me by clicking here or calling 317-506-2717. It would be my pleasure to help you make the right decision for you.