With all of the available healthcare options out there, choosing the right plan that meets your needs and circumstances can be challenging. You may consider a Medicare Advantage (MA) plan when you become eligible for Medicare benefits. MA plans offer an alternative to Original Medicare.
Original Medicare Part A and Part B are limited in the types of services covered and the amount that they are willing to pay. For instance, Medicare Part A will only cover inpatient-related services, while Medicare Part B covers outpatient services. Medicare Advantage plans are required to include all of your Part A and Part B benefits, but many plans include additional coverage.
- Lower Overall Costs
Medicare Advantage plans include an annual out-of-pocket expense cap. When you are billed for your medical care, your Medicare Advantage insurance provider will place a limit on the amount that you are allowed to pay out-of-pocket each year. This means that once you have reached the limit, you will not be responsible for paying additional expenses. In comparison, Original Medicare does not plans provide an out-of-pocket expense limit, so depending on your medical needs, your costs could add up.
- Additional Benefits
When you enroll in a Medicare Advantage plan, you are gaining the full Part A and Part B benefits of Original Medicare. But, you may gain access to coverage not typically offered in Medicare Part A and Part B, such as transportation to medical facilities, gym memberships, dental and vision care, and prescription drug benefits. Some plans include coverage for hearing exams, hearing aids, and fittings. Costs and benefits can vary between MA plans, so compare the plans available in your area before enrolling.
- Simplicity
Many Medicare beneficiaries find that enrolling multiple plans is a bit of a challenge. If you have Original Medicare, a Medicare Supplement plan, a Prescription Drug Plan, and separate vision or dental care insurance, you may feel overwhelmed keeping track of it all. MA plans offer a one-stop-shopping opportunity and may simplify your coverage. With Medicare Advantage, you may have a bundle of Part A, Part B, Part D, and additional benefits, like vision and dental care, and fitness programs. You do not have to worry about being billed for multiple plans.
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