Medicare Advantage Plans: What You Should Know

Protecting your health as you age is important, but it can be difficult to navigate the complex world of health insurance. You can make things simpler by learning about the best plan options for you as you enter the next stage of your life. Many people use Medicare as they get older, but a Medicare Advantage Plan could offer better benefits for you. Let's look at the advantages and disadvantages of these plans.

What Are Medicare Advantage Plans?

Medicare Advantage Plans, or Medicare Part C, are insurance plans from private companies that are approved by Medicare. Like Medicare Part A and Part B, these plans take care of the services you need at hospitals as well as visits to the doctor. However, a Medicare Advantage Plan can add benefits and coverages that regular Medicare lacks.

The Advantages of a Medicare Advantage Plan

To stay healthy, you need more than just hospital care and doctor visits. That's where a Medicare Advantage Plan helps. Most plans offer several extra types of coverage, including:

• Prescription drug coverage
• Dental insurance
• Vision care
• Hearing care

Drug Coverage

These extra benefits will help you take care of all aspects of your health, improving your quality of life. Prescription drug coverage is very important if you need certain medications regularly. If you have Medicare Part A and Part B, you will either have to pay out of pocket for your medications or buy a Part D prescription plan. Most Medicare Advantage Plans include prescription drug coverage.

Vision Care

The supplemental benefit for vision treatment is also a big reason to look into a Medicare Advantage Plan. As people get older, they are more likely to experience problems with their eyes, including some serious issues such as cataracts or glaucoma. Early diagnosis and treatment are the best ways to preserve your vision, and a Medicare Advantage Plan makes this care more affordable.

Other Needs

Issues with your dental health and hearing also increase as you age. Since Medicare on its own does not cover trips to the dentist or hearing assessments, you could be left to pay for these things on your own. By choosing a Medicare Advantage Plan that has these areas included, you can use one health insurance plan to take care of all your needs.

Another benefit of getting a Part C plan instead of traditional Medicare is the ability to customize your insurance based on what you need. You can find plans that offer more help with specialty care if you have a chronic condition that will need specific treatments. You can also add perks like gym memberships, stipends for supplements and increased home care coverage.

Concerns About Medicare Advantage Plans

There are also some potential disadvantages you need to consider with a Medicare Advantage Plan. Costs, among other issues, are a major concern that you will need to consider carefully when you look for a plan.

Varying Costs

You might assume that Part C plans will be cheaper than Medicare Parts A and B because the Advantage Plans often come with no monthly premium or very low premiums. However, premium costs can vary greatly depending on the private insurer you are working with, what benefits you need, and your health situation. You may still have to pay the Medicare Part B premium cost unless your insurance company covers it for you.

Medicare Advantage Plans also have a wide range of copays and deductibles that could add to your out-of-pocket expenses. When looking at your prescription coverage, consider what medicines you are already taking as you prepare to sign up and make sure that the plan you are choosing covers those drugs so you do not end up with a surprise expense.

Difficulty Finding Care

Another disadvantage of a Medicare Advantage Plan is a smaller list of providers to choose from when you need care. With traditional Medicare plans, you can go to any doctor, provider or pharmacy that accepts Medicare. With an Advantage Plan, you have to find doctors that are in-network, just like you would with an employer-sponsored plan.

Your network of providers is more likely to change with a Part C plan, so there is a risk that you could find a great doctor who eventually stops accepting your insurance. Additionally, many Medicare Advantage Plans require referrals for patients to visit specialists. If you have conditions that need frequent specialty care, this can turn into a hassle that delays necessary treatment.

The types of coverage Medicare Advantage Plans available can vary by state, so make sure you can get the services you need in your area.

How To Get a Medicare Advantage Plan

If a Medicare Advantage Plan seems like it is the right choice for you, make sure you know how to enroll in one. A partner such as Total Senior Guide can help by keeping you informed about enrollment periods.

Outside of annual enrollment periods, you can also join a plan when you turn 65. Get prepared as you approach your 65th birthday by finding the plan that you think will be best for you. Starting three months before your birthday month and ending three months after your birthday month, you can enroll in Medicare Part A and Part B.

Once you have traditional Medicare coverage, you can then sign up for the Medicare Advantage Plan that you want. If you miss the window of time to make your elections, you may have to wait for a general enrollment period before you can get a plan. Try to avoid this as it may lead to a gap in your health care coverage.

Investing in your health and finding the right insurance coverage are choices that protect you for years to come. When you feel good, you can enjoy the next stage of your life without having to stress about how you will pay for medical expenses. If you are ready to get that peace of mind and find other ways to make the most of your life as you age, see how Total Senior Guide can help!

Compare Medicare Advantage Plans 2022

Sources:

• https://www.healthline.com/health/medicare/what-are-the-advantages-and-disadvantages-of-medicare-advantage-plans#takeaway
• https://www.medicare.gov/basics/get-started-with-medicare/get-more-coverage/your-coverage-options/compare-original-medicare-medicare-advantage
• https://www.webmd.com/eye-health/vision-problems-aging-adults
• https://www.valuepenguin.com/advantages-disadvantages-medicare-advantage
• https://www.medicare.gov/your-medicare-costs/costs-for-medicare-advantage-plans
• https://www.medicareinteractive.org/get-answers/medicare-health-coverage-options/medicare-advantage-plan-overview/medicare-advantage-enrollment