Medicare Advantage Plans come in all shapes and sizes. Since most insurance companies offer some form of a plan, how is one supposed to know which plan is best for them? Don't get overwhelmed by all of the options out there. Instead, just focus on what you need.
1. How Is Your Health? No two advantage plans are created equal. For example, some plans have no monthly premium and will still require you to pay for Medicare Part B. The exchange, however, for having no monthly premium is that each service that you use costs money. Cat scans, ambulance rides, outpatient surgeries, they all cost something. For example, a trip to your primary care physician can cost $10-$15 and a visit to see a specialist can cost $45-$50. Depending on your health, that could ring up quite the bill. In order to help you compare, you should also know that each advantage plan also has a maximum out of pocket for the year. If worst comes to worst, that is the most you will pay, all things included. With other advantage plans, the monthly premium could be more, but the cost for each service and the maximum out-of-pocket expense will be lower. See the exchange there? You pay more upfront every month, but how much you pay for individual services is cheaper. Usually, healthier the person, the lower monthly premium they can get away with.
2. Are Your Medications Covered? Prescription coverage is one of the main reasons that people choose a specific advantage plan. Sometimes individuals don't see doctors very often, but they are on expensive prescriptions and need a more expensive plan to cover their needs. It depends on the drug formulary that is attached to each plan. You can find out if your medications are covered by a specific plan by going to medicare.gov and entering in your medications. It is simple enough and could save you a lot of money in the long run.
3. Are Your Doctors Covered? Some people do not care if they continue seeing the same doctors, as long as they are not paying to much monthly. However, others have been with the same doctor for twenty years and would't leave for the world. A quick call to your physician will clear up any doubt here. Simply call and tell them which advantage plan you are thinking about getting and ask them if they accept it. Chances are you will not need to make a change.
For more information on Medicare Advantage Plans, contact a company like Senior Care Insurance Services.