Is a Medicare Advantage Plan Right for You?

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If you don’t know about Medicare Advantage plans, it would be in your best interest to look into them as an option for your coverage. There’s a reason 34% of all Medicare beneficiaries are enrolled in one of these plans.

Medicare Advantage plans, also known as Part C plans, is an alternative way for beneficiaries to receive their Medicare benefits. Rather than staying on Original Medicare, a Part C plan is offered by private insurance companies and often comes with extra benefits.

While you may be wondering which is better, Original Medicare or an Advantage plan, there is no simple answer for you. The reality is there are pros and cons in either direction and what’s best for you truly depends on your healthcare needs.

Pro’s of Medicare Advantage Plans

  • There are plans with $0 or low cost premiums.
  • Your cost-sharing may be less
  • Your care is coordinated among your providers
  • It is a one-stop health care plan, that provides you with all your needs
    • Most plans provide dental, vision, and hearing benefits
    • Most plans provide prescription drug benefits are covered and you do not need to purchase a supplemental Part D like in Original Medicare

Con’s of Medicare Advantage Plans

  • Limited providers for the service
    • You have to choose a provider that is in-network
    • You need a referral to see a specialist
  • Not all hospitals take Medicare Advantage
  • You must reach a deductible for Medicare part A/B before your plan will take over allowing you to pay nothing for the rest of the year.
  • The plans are specific to the area in which you live

The Bottom Line

Medicare Advantage plans are one of the fastest-growing plans because it includes prescription drug coverage, lower out of pocket costs, and allows you to have only one health insurance policy. But that doesn’t mean it’s right for you. It’s best to consider all your options and choose the one that meets your specific healthcare and lifestyle needs. For help going over your options, contact your licensed agent specializing in Medicare today.

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