Medicare Advantage Plans
Many seniors feel that the coverage they get from the Original Medicare is not enough for them. Despite their insurance, they have many medical expenses that they pay for from their own finances and fill the many gaps left in their healthcare by Medicare. Medicare Advantage plans are robust coverage plans that can solve all these problems for them.
Many people end up saving a lot of money on health insurance every year by enrolling in Advantage plans. If you are interested in finding out what these plans can cover and how they can be advantageous to you then stick with us till the end. Of course, we are more than happy to answer all your questions regarding health insurance and Medicare Advantage plans, just contact us using the information on our website and receive expert advice. We will happily answer all your questions and provide you guidance on how to choose the right healthcare insurance plan for your needs.
Medical Coverage with an Advantage
These plans were named Medicare Advantage plans because of their advantageous functions. These medical insurance plans are better than the standard Medicare plans because they can do everything that Medicare does and more.
In fact, your Original Medicare plan can be replaced by Medicare Advantage. If you enroll in an Advantage plan, you will have coverage for nearly all the healthcare expenses that come under Original Medicare. Hospice care expense is the only medical cost not paid for by an Advantage plan but Original Medicare will cover it for you because an Advantage plan is only valuable if you have an existing Original Medicare plan.
Your entire urgently required healthcare will also be covered by the Advantage plans which could entail preventative care, drugs, surgery, or medical tests. The Advantage plan will also cover your entire emergency healthcare when required. You will receive coverage every single time you visit the emergency room, require life-saving administrations, or need an ambulance ride.
Advantage Plans That Go Further
A basic Advantage plan provides coverage for everything we have mentioned above, so you need not worry about missing out on them when you purchase Advantage plans for your specific needs because all Advantage plans encompass the above-mentioned items. This is extremely helpful for seniors who would rather be protected from the unexpected healthcare expenses and most common medical expenses that are not covered by Original Medicare.
You can also purchase a more robust healthcare insurance package that consists of a combination of an Advantage plan with all its basic coverage, added on to another coverage plan. For instance, Medicare Advantage Part D plans provide all the standard coverage and additional coverage for Part D i.e. the prescription medication plan. This insurance package will cover you for all kinds of prescription drug expenses be it generic or name brands. It will help you reduce your medical bills extensively during the year. This kind of package insurance plan is most suited for seniors who require frequent prescription refills during the year and those who require high-cost medication.
As you get older, you will require regular visits to the doctor, hearing specialists, dentists, and optometrists. These checkups are not only important for you to keep up with your old age but also to catch developing health issues early on. However Original Medicare does not provide coverage for these checkups but some Advantage plans do. These few Advantage plans will cover your checkups as well as a few other basic healthcare services such as dental cleaning, prescription glasses, and x-rays.
How Much Is Medicare Advantage?
Now that we have discussed everything covered by Medicare Advantage plans, we would like to discuss the cost of these plans. You might be surprised to find out that these plans are quite affordable despite their extensive coverage. Many seniors believe that they will have to pay much more than their average monthly premium of $45 along with a yearly deductible. But most of them are shocked when they find out that a few Advantage plans charge absolutely zero monthly premiums. These plans with $0 premiums charge a higher deductible than other plans however they are usually extremely cost-effective. These plans are excellent for seniors who want economical healthcare insurance plans but also want better coverage.
Medicare Advantage plans are not only affordable but are also excellent money savers. Enrolling in an Advantage plan and replacing your existing plan can minimize your medical bills and insurance expenses.
You can only purchase Advantage plans from private insurance providers, unlike the Original Medicare. These private insurance providers are allowed to charge their own prices. There is no set rate for Advantage plans. So the costs of these individual plans are completely dependent on the insurance providers.
There are a few other things that influence the price of these plans. Basic Advantage plans with lower coverage are less expensive than plans with higher coverage, such as the Advantage Part D, so coverage also determines the cost. The cost of these plans may also vary from location to location, for instance, the same plan can have different prices in different states. So keep that in mind if you move states.
The Network and Advantage Plans
All insurance companies have their own networks, so if you purchase your Medicare Advantage plan from ‘Company A’ then your plan will be included in their network. A company’s network consists of all healthcare facilities such as hospitals, doctors’ offices, clinics, and pharmacies that have made agreements with the insurance company. The medical facilities in your company’s network have all agreed to honor plans sold by your insurer. If you receive medical care off this network of healthcare facilities approved by your insurer, then your medical bills will have to be paid from your own finances. Regardless of the high coverage provided by your robust plan, outside your insurer’s network, you will not receive your complete coverage.
The HMO Advantage plan is the most popular Advantage plan among the seniors because it is uncomplicated and straightforward. It only provides coverage on their insurance provider’s network. If you purchase an HMO plan, you will have to pay for all medical care received outside the network from your own finances. You will receive zero coverage from the plan off the network even if you pay your monthly premiums. You should always remember to stay inside your network with an HMO plan, or you will have massive medical bills to pay for.
Some seniors live in areas that are not on their insurer’s network, for those people there are PPO Advantage plans. A PPO plan provides you full coverage inside your network and partial coverage outside your network. Remember that you will only receive partial coverage off the network with a PPO plan before signing up for any of these plans. A PPO plan is also more expensive than the HMO plan because it provides you more coverage. So keep that in mind if budget is an issue for you. A PPO plan is an excellent choice for seniors who travel a lot or live outside the insurance provider’s network. But there is also little choice for them apart from PPO plans to stay well protected. A PPO plan also allows you to receive medical care from any medical facility that approves Medicare in the country and get your coverage.
There are more types of Medicare Advantage plans than the ones we discussed, but not all insurance companies offer them. We only discussed the ones that are most popular and most useful for coverage on and off the network. You can use our website to compare rates for Medicare Advantage plans or call us for any of your queries. You can source as many quotes as you want on our website for free and it will provide you relevant information. Compare these quotes to find the best deals and save yourself from overpaying for your insurance plan.
