3 Things to Keep in Mind When Picking a Medicare Advantage Plan
AUGUST 26, 2019
Medicare open enrollment season is about to begin. This means starting in October you’ll have 3 months to choose a new Medicare Advantage plan or a traditional Medicare plan to be your health insurance for a full year.
Whether you want to switch or stay with your current plan, it’s important to know which one gives you better services, better access to care, and better value. More Americans are taking stock of their options, and today 1/3 of all beneficiaries—that’s nearly 22 million Americans– are choosing Medicare Advantage plans. So, what continues to make this type of plan popular?
Below are 3 major reasons why more Americans are picking Medicare Advantage plans:
- Drug coverage: Medicare Advantage plans typically include prescription drug coverage as well as Part A hospital insurance and B medical insurance. This is different from traditional Medicare, as those who choose traditional Medicare must sign up for a standalone prescription drug plan.
- Out-of-pocket costs: Medicare Advantage plans have annual out-of-pocket limits, while traditional Medicare plans do not. This means that Medicare Advantage plans will pay the full cost of your care—which helps those living under a fixed income access reliable health care. In fact, more than a third of Medicare Advantage beneficiaries have incomes of less than $20,000.
- The benefits: Medicare Advantage plans offer added benefits like vision, hearing, and dental insurance, too. These are not included in traditional Medicare plans. For people who choose traditional Medicare, they must piece together other forms of insurance to receive these benefits. Additionally, Medicare Advantage will start to cover non-medical services in 2020 like carpet cleanings.
To date, nearly 22 million Americans have Medicare Advantage as their health plan of choice, and among them, 90% are satisfied with their Medicare Advantage plans. However, while these plans offer an abundant amount of value, they are not one size fits all. It’s important to find a plan that meets your health care needs. So, utilize tools like the Medicare.gov Plan Finder to find one that’s right for you today.