Ever wondered why every time you visit a doctor's office the first thing they ask is, "Do you have health insurance?" This is because health insurance helps blunt the blow of medical expenses on our wallets. This is the same for Medicare Advantage Plans. These plans are provided by the federal government.

Once eligible, individuals have the option of choosing either the Original Medicare or Medicare Advantage (MA) Plans (also called Medicare Private or Part C).

What are the Costs?

Like most insurance plans, MA plans come with an expense that we need to consider before signing up. The various costs include:

• Part B premium: most MA plan holders have to pay the Original Medicare Part B premium
• Deductible: the amount you have to pay before the insurer can start chipping in
• Copay: a fixed amount you pay for every medical visit
• Maximum out-of-pocket: the capped amount you can pay every year toward care and can typically be high

Personalized Needs and Preferences

Before choosing a plan, there are multiple factors you need to think about. Ask yourself these questions before making a final decision:

• Will I be able to use my current providers and specialists? Are my providers in or out of network?
• Do I need to be approved for hospital admissions?
• Will I be able to access supplemental services like skilled nursing and home health if I need it?
• Will the plan cover out-of-network providers?
• What is the monthly premium? What is the maximum out-of-pocket cost per year?
• Is the copay fixed or does it change based on type of service?

Conclusion

Are Medicare Advantage plans worth it? This question does not get a definite yes or no answer. The important question to ask is "What are my health needs?" Every potential consumer of Medicare has unique needs so it is vital you do thorough research and talk to a Medicare agent before making a final decision. Good luck as you explore health insurance options available to you.

Reference

Medicare Advantage basics - Medicare Interactive. (2023, July 20). Medicare Interactive. https://www.medicareinteractive.org/get-answers/medicare-health-coverage-options/medicare-advantage-plan-overview/medicare-advantage-basics