What are the advantages of a Medicare Advantage health insurance plan?
Medicare Advantage health insurance plans are becoming increasingly popular with Medicare enrollees. In fact, nearly 50% of enrollees are choosing Medicare Advantage plans (also known as Medicare Part C) over Original Medicare (Part A and Part B) and Medicare supplements. Medicare Advantage plans offer several advantages over traditional Medicare and Medicare supplements.So why are Medicare Advantage plans so popular?
- Comprehensive coverage:
- Part A (hospital insurance)
- Part B (medical insurance)
- The 20 percent that Original Medicare does not cover
- Most include Part D (drug coverage)
- Most include extra benefits, such as dental and vision
- All of your coverage is through one company
- With $0 premium plans, you only pay for the care you use
- Built-in “safety net” puts a limit on annual out-of-pocket costs
Are there any disadvantages with a Medicare Advantage plan?
For routine care, you typically must see doctors within a plan’s network (urgent and emergent care is the exception). And, although most plans require referrals to specialists, this isn’t necessarily a bad thing. Referrals ensure that your primary care provider is communicating with your specialist to ensure you get the care and tests that you need. If your specialist knows nothing about your condition, he or she may have you take time-consuming, expensive and sometimes painful tests that are completely unnecessary. So, the referral requirement actually provides valuable coordination of your care.
While Medicare Advantage plans have many advantages, it’s important to consider all of your Medicare options and choose the one that best fits you and your situation.