Every year, more and more seniors are choosing Medicare Advantage plans over Original Medicare. Since 2004, the number of people enrolled in these plans has more than tripled and currently, more than 30% of all Medicare beneficiaries are enrolled in Medicare Advantage plans. Are you wondering if a Medicare Advantage plan is right for you? Here are three things you should know about Medicare Advantage Plans to help you decide.
1. All-in-One Medical and Drug Coverage
A Medicare Advantage Plan is more robust than traditional Medicare, allowing you to get all of your coverage from a single policy. Medicare Advantage Plans provide hospital insurance (Medicare Part A), medical insurance (Medicare Part B) and often include prescription drug coverage (Medicare Part D) all in the same plan.
2. Added Benefits
In addition to the inclusion of prescription drug coverage in most Medicare Advantage plans, some plans can also include coverage for vision, dental, assisted living facilities or nursing home care. Original Medicare doesn’t cover these services.
3. Out-of-Pocket Limits
Unlike Original Medicare, Medicare Advantage Plans have limits on out-of-pocket spending you have to pay for covered medical services. Once you reach your plan’s maximum out-of-pocket amount, it will pay 100% of additional covered charges incurred during the remainder of the calendar year. Each plan is different, so be sure to ask about the maximum out-of-pocket limit before you sign up for a plan.
It’s important that you do your homework before choosing between Original Medicare and a Medicare Advantage Plan. There are also many different Medicare Advantage Plans to choose from. If you would like to learn more about your options, call HealthMarkets Insurance Agency. We will search a variety of plans from nationally recognized companies to find the coverage that’s right for you and your budget. Best of all, we’ll do at no cost to you, with no obligations.