Choosing the right Medicare Advantage plan can be challenging as there are various companies and plans to choose from.
While many insurance companies offer similar benefits, you shouldn’t stick with the first Medicare Advantage plan that you read about.
The benefits that you need differ from what someone else needs, and you deserve to understand the ins and outs of your coverage.
Before anything, you’ll have to decide what you’d like to get most out of your Medicare Advantage plan that your Original Medicare doesn’t offer.
The options also vary depending on where you live, so if you need extra assistance finding the right plan for you, contact the Medicare experts from Your Local Medicare Help!
Which is the Best Medicare Advantage Plan?
Medicare Advantage plans vary by county and every option suits individuals differently.
There are many options that members can choose from, but there is not a Medicare Advantage plan that is the best for every beneficiary.
Here are a few factors to consider when choosing the Medicare Advantage plan that is right for you:
Costs
Unlike Original Medicare, Medicare Advantage plans have a yearly limit on out-of-pocket costs where you aren't required to pay after you reach a certain dollar amount. This is called the “MOOP”, which stands for Maximum Out-of-Pocket.
Whether or not you have a budget, you should determine how much you're paying for your premiums, deductibles, doctor visits, medical services, hospital stays and so on.
Understand the rules of your coverage that could affect your costs and amount of coverage that you're eligible for.
Coverage
Determine what other coverages your Medicare Advantage plan needs to include that Original Medicare doesn't.
This could be anything from prescription drug coverage, routine dental, vision and hearing care, transportation assistance, wellness memberships, and so on.
Other Coverage
If you have other types of health coverage through your employer or separate health programs, understand how that works with your Medicare plan.
Prescription Drug Coverage
Many Medicare Advantage plans include prescription drug coverage, but not all of them.
Determine if you already have creditable drug coverage before seeking a Medicare Advantage plan. If not, you should consider:
What are the costs of having prescription drug coverage included in the Medicare Advantage plans of your choice?
If you will pay a penalty if you join a Part D plan later?
Are there any coverage rules that apply to your prescriptions?
Doctor & Hospital Choice
Some Medicare Advantage plans require members to seek care from a preferred network.
Decide if that is a determining factor for you while you're choosing your Medicare Advantage plan.
Here are some things to consider:
Do your doctors accept your Medicare Advantage plan?
If not, are the doctors that you'll need to see accepting new patients?
Are you required to choose your hospital and healthcare providers from a network?
Do you need referrals for specialist care visits?
Quality of Care
Determine if you're satisfied with your Original Medicare coverage before seeking a Medicare Advantage plan.
If not, determine if the Medicare Advantage plan of your choice can provide you with the quality of care and services that you need.
The services offered by every plan and healthcare provider varies and you should ultimately decide if your plan offers the best coverage for your needs.
Travel
Some Medicare Advantage plans cover the care that you get outside of the U.S.
If you're a frequent traveler and need your care to be covered while you're out of the country, look for the plans that include additional travel coverages.
Who Has the Best Medicare Advantage Plan?
There is no right or wrong answer for who has the best Medicare Advantage plan because every plan suits every individual differently.
Not only do members need varying amounts of coverage, but they may also need to stick to a budget or want care from a preferred provider, among other factors.
There is no single Medicare Advantage plan that fits every member’s needs!
If you need help determining which Medicare Advantage plan is right for you, contact us for a consultation and we’ll provide you with our trusted opinion for your exact situation!
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