The Ultimate Guide To Comparing Medicare Advantage Plans

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The Ultimate Guide To Comparing Medicare Advantage Plans

Do you want to buy Best Medicare Advantage plans? If yes, you will be concerned about several factors, such as which program is good for you. Also, which plan is pocket friendly? So to solve all your queries, we have come up with the ultimate guide to comparing Medicare Advantage plans.

Comparison is one of the most important factors to consider when planning to buy something, not just for Medicare Advantage plans. When you google, you will find many more options which indeed confuse you but what you have to do is to compare.

Now you must be wondering what the best way to draw a comparison between two different plans to buy the best medicare advantage plan is. But you no need to worry when we are here to clear all your doubts. 

Before we get to our real-time concern, let’s take a quick review of what a Medicare Advantage plan actually is.

The Medicare Advantage plan is a government-run alternative to Original Medicare (Medicare Part A and Medicare Part B). However, the Medicare Advantage plan is provided by private insurance companies that contract with Medicare. As a result, it is popularly known by the term Medicare Part C.

Medicare Advantage Plans Guide

All Medicare Advantage plans abide by specific rules set by Medicare. For example, they are all legally required to provide at least the same level of coverage as Original Medicare. However, what stands out is that most plans include extra benefits.

Most Medicare Advantage plans include benefits for regular doctor visits, dental care, and/or health and wellness programs (for example, gym memberships). In addition, prescription medications are routinely offered. You must purchase one prescription drug coverage plan with your original Medicare.

And here’s a more significant difference: Medicare Advantage plans have higher annual premiums. That’s more than you need to spend in a year before the plan covers 100% of your care. 

Here we are sharing some important points you should consider while comparing.

Points To Consider While Comparing Medicare Advantage Plans

Private insurance companies certified by Medicare offer Medicare Advantage plans, so costs and benefits may vary by plan. In addition, each plan will have different fees and policies, such as whether you need a professional referral.

As per the Kaiser Family Foundation survey, there are about 4,400 Medicare Advantage plans in the United States, although not all are available everywhere. According to KFF, you can enrol in an average of 39 different Medicare Advantage plans that span more than ten years. You can cross check info with a medicare insurance agent.

Here’s how to compare the best Medicare Advantage plans:

Monthly premium: This is a kind of EMI that you have to pay every month while buying the best Medicare Advantage plan. You’ll find premiums vary but are generally the same as in Medicare Part B. 

Annual Payment: This is the amount you must pay for medical expenses before the plan and payments begin. Whatever you choose, you will be willing to pay that price.

Coverage Limits: Unlike Original Medicare, all Medicare Advantage plans have annual maximum limits. When you reach this limit (including your deductible), your Medicare Advantage plan will pay 100% of your medical costs through the end of the year.

Extra benefits: You will be glad to know that Some Medicare Advantage plans come with additional benefits like regular doctor visits, dental care, and even free or discounted medical care, such as gym membership.

Drug List: Every plan has a list of drugs. If you take medications, you may want to consider a plan to pay for them.

Medicare Provider network: If you see a doctor regularly, you can check to see if they are in the Advantage plan’s network. If they do not, their visit will not be covered. (Remember that doctors and drug companies can change at any time. Your Medicare plan will let you know when this happens.)

Star Rating*: All Medicare plans are rated 1-5 stars. It is a way to assess the quality of any medicare plan. 

There are several medicare insurance agencies, so you can take assistance from a medicare insurance agent.

How many types of Medicare Advantage plans are available for you?

There are many types of Medicare Advantage plans. Each of them differs according to the advantages it provides:

Health maintenance organization (HMO) plans: HMO plans typically require people to get care from providers and hospitals that come under the plan’s network. But there are exceptions: emergency care, Outpatient emergency care, and temporary outpatient dialysis are covered.

When you apply for an HMO, you must select a primary care physician who may be required to refer you to a specialist.

Preferred Provider Organisation (PPO) plans: If you choose the PPO plan, you will likely pay less for health care from network providers and hospitals, but you can get out-of-network healthcare at a higher cost. You will enjoy the emergency & urgent care benefits under this plan. Most people don’t choose a primary care physician, and in most cases, you don’t have to see a specialist.

Private Fee-For-Services (PFFS): With PFFS, The plan will determine how much you pay to health care providers and hospitals for treatment. Some plans allow you to get care from any doctor or hospital, but some have a network of providers. You can contact the Medicare insurance agency anytime. 

Which is the best Medicare Advantage Plan for me?

We all are different, so consider your individual needs, budget, doctor’s preferences, and prescription drugs. In addition, the best plan for you may not be suitable for your spouse or other family member or friend.

Also, a plan that worked for you two years ago may no longer work because plan costs, benefits, and provider networks can change yearly.

“It’s essential to do a little health check every year, especially since you’re eligible for Medicare this year,” says Donovan.

Last Verdict 

Taking the time to compare Medicare Advantage plans will save a lot of money. In addition, I hope the above-mentioned quality information helps you in a great way.