Medicare Advantage Provides An All-In-One Solution To Your Health Care Needs.
Also known as Medicare Part C, these policies allow you to expand your Medicare benefits to include vision, dental, hearing, and prescription drug coverage. They also save you money on out-of-pocket-medical expenses.
Every year, millions of Americans enroll in Medicare Advantage to protect their health and their bank account. Below we take a closer look so you can decide if you should too.
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What Is Medicare Advantage?
Although Original Medicare provides excellent health insurance coverage, it’s far from perfect. Medicare Advantage plans are private health insurance policies that customize and expand your Medicare benefits to provide more comprehensive coverage. They also fill the financial gaps looming within your Original Medicare benefits and protect you from high out-of-pocket medical expenses.
If you purchase one of these policies, you still keep your Medicare benefits. These “bundled” plans include Medicare Part A (hospital insurance) and Medicare Part B (doctors insurance), and usually Medicare Part D (prescription drug coverage).
Medicare Advantage plans are very popular and continue to grow in popularity. Currently, 35% of all Medicare beneficiaries own a Advantage plan. That’s 23.1 million people.
Difference Between Medicare Advantage and Medigap
Within your Original Medicare benefits are co-pays, coinsurance, and multiple deductibles, which leave you exposed to high out-of-pocket medical expenses. Medicare Supplemental Insurance (Medigap) fills the financial gaps within Medicare to reduce or eliminate out-of-pocket medical expenses. They do not add any additional benefits.
Medicare Advantage plans also fill the financial gaps of Medicare but also include additional benefits and covered services.
Compare Medicare Advantage Plans
How You Receive Your Care
The private insurance carriers who sell these policies administer your care through a local network of doctors. There are two types of Medicare Advantage networks.
HMO networks are vastly more popular, with ten times as many HMO plans compare to PPO plans.
By using a local provider network, insurance carriers reduce both overhead expenses and your overall out-of-pocket costs.
How Much Do Medicare Advantage Plans Cost?
Though strictly regulated by Medicare, the private insurance companies who sell Advantage plans set their policy rates. The benefits included in your policy determine the cost of your monthly premium. Most insurance companies allow you to choose which benefits you want and leave out the ones you don’t.
Medicare Helps Pay for Your Policy
Medicare mandates that all Advantage policies include your Original Medicare benefits. Therefore, each month Medicare sends a check to the issuing insurance company to pay for your Original Medicare benefits bundled inside your advantage plan. As a result, you only pay for the additional benefits you choose not included in your Original Medicare coverage, making these policies relatively affordable for most households.
Compare Companies To Find Your Best Plan
Keep in mind that private insurance companies sell Medicare Advantage policies. And that private insurance companies operate within state lines. Therefore, finding your best policy will depend on your state of residence and which carrier options you have available.
Savvy shoppers will take the time to shop their available options. And as a result, save money on their monthly premium. Our independent agency helps you do just that. We help you shop and compare Medicare Advantage Plans side by side to find your best policy and price.
Shop the three best carriers
Although there is no single best insurance company, or single best plan. There are however, three carriers who stand out above the competition. The three carriers listed below have the biggest market share and issue the vast majority of Advantage policies. They also have the lowest rates.
Our independent agency is here to help you quote these three carriers as well as other top providers operating in your state.
When To Enroll In Medicare Advantage
There are two Medicare Enrollment periods in which you may enroll.
The initial Medicare enrollment period is a seven-month window that begins three months before your 65 birthday, includes your birthday month, and continues for the following three months.
You may also enroll during Medicare open enrollment, which takes place every year between October 15th and December 7th.
All individuals eligible for Medicare can enroll in Medicare Advantage.
Explore Your Options Today
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