Medicare Advantage Plans

With the Medicare Advantage plans, I’ve had the privilege of helping thousands of folks who could not afford a Medicare Supplement to SAVE THOUSANDS OF DOLLARS.

 

 

In 2024, there are more beneficiaries using Medicare Advantage plans for their health care coverage than Original Medicare with a supplement.

 But Medicare Advantage plans are not all the same and are not fit for everyone. Seek help with an agent who knows the pros and cons of each plan! 

HERE ARE THE TOP 12 THINGS YOU NEED TO KNOW ABOUT MEDICARE ADVANTAGE PLANS:

#1

These are NOT MEDICARE SUPPLEMENTS.

  • Medicare Advantage is a Medicare-approved plan from a private company that offers an alternative to Original Medicare for your health and drug coverage. These “bundled” plans include Part A, Part B, and usually Part D.

#2

You can not have both a Medicare Supplement and a Medicare Advantage plan. It is not legal.

#3

Other names often used for these plans is MA (Medicare Advantage) or MAPD (Medicare Advantage with Prescription Drugs included) and Medicare Part “C”.

#4

You must have Medicare A & B to qualify for these plans. YOU DON’T LOSE MEDICARE A&B.

#5

You don’t have to be age 65 or more to qualify for these plans as you do with a Medicare Supplement (a few states do allow Medicare Supplements if you are under 65 and have Medicare A & B).

#6

Basically, these plans simplify the Original Medicare copays.

#7

Most of these plans do not have a deductible (except possibly in the drug portion of the plan), they have copays.

#8

Premiums are far more affordable than most Medicare Supplements, some starting at $0 premuim. HOWEVER, DON’T CONFUSE THIS WITH FREE – YOUR PART B PREMIUM IS WHAT HELPS MAKE THIS AVAILABLE.

#9

HOWEVER, The biggest advantage in my opinion is they limit your loss. Every plan has a Maximum Out of Pocket where Original Medicare has no limit. After you’ve paid this maximum out of pocket, then the plan takes over

#10

The basic design of every Medicare Advantage plan is essentially the same. Each company tweaks their benefits to try and gain a marketing advantage. But keep this in mind, life is full of trade outs. Understanding these trade outs is important in making a good decision. Work with an experienced agent who can tell you the differences.

#11

There are several variations offered, such as a PFFS, PPO an HMO. Make sure you know what you are looking at.

#12

You can change plans each year during the AEP which is October 15 to December 7 and goes into effect the first of the next year.