An Advantage plan has the potential to save you a lot of money, and we are going to show you what kinds of expenses it can save you from and why you might want to sign up for one. The Medicare Advantage Plans 2018 has to offer are usually high value plans that cost less than paying for the same expenses out of pocket, but you will need to be the judge of how much value they hold for you personally. Let’s take a look.
How the Plan Will Covert Your Medical Expenses
First off, let’s make it clear that there are different Medicare Advantage plans. Some of them cover you for lots and others only cover the bare minimum. Usually the price is reflective of the kind of coverage you are getting, but not always, and you need to do price comparisons between different plans to make sur you are getting a fair deal and a good price.
The basic coverage is for all of Medicare Part A and Part B, except for hospice care. It also includes some coverage for annual checkups and for emergency services, such as urgent care. That’s it. That is a lot, when you break it down, especially the Part A and Part B coverage, but you may need more than that.
There are Advantage plans that offer more, though. Most of them will cover you for Medicare Part D. That will cover a lot of your medications, in most cases, but you can also buy this plan separately if it is not included in the Advantage plan that you want.
Other coverage can be included as well, and it varies from one insurance company to the next. These plans have a lot of variety, but most insurance companies only offer one Advantage plan with a few different network options.
The Network Options
The network is a set of hospitals, doctor’s office and other healthcare facilities that will accept your insurance company’s coverage. Each insurance company has their own network, and many times these networks have a lot of overlap. For instance, the hospital nearest you may be on several insurance companies’ networks. On the other hand, if the insurance company you are considering buying an Advantage plan from does not have your local hospital on their network, you may want to look to buy it elsewhere.
The most common type of network plan is called an HMO, and you may already be familiar with it. On this kind of plan, you get no coverage if you go for healthcare at a facility that is not on your company’s network. You receive full coverage if you go to a on network facility, though.
The PPO plan is another commonly used type of network plan. It allows you to receive full coverage at network facilities but partial coverage anywhere else that accepts Medicare.
Generally, these will be your two options for Medicare Advantage Plans for 2018 and the network selections available to you, but there may be others as well, though most people won’t qualify for them. You do need to be aware of the network that any insurance company is operating on before you sign up for a plan with them. You want to be sure that you receive the coverage you need wherever you plan to go for healthcare. If there is no facility near you that your insurance company is accepted at, then you may want to find a different company to buy your advantage plan from.
Should You Sign up for an Advantage Plan?
The question every senior and Medicare subscriber should be asking themselves is whether they should be signing up for one of these plans. Medical coverage is something that needs to be carefully considered, and if you are not amply covered for your medical expenses, you can quickly find them difficult to afford. You need to choose the coverage plan that fits you best. That may or may not be a Medicare Advantage plan, so let’s take a moment and look at who this kind of plan is for.
The Advantage plan will replace your current Medicare basic plan, but it also replaces supplement plans and sometimes even Part D plans. It offers a lot of the same coverage as these plans, so you won’t be allowed to keep your current plan if it overlaps with the new Advantage plan you may be wanting to sign up for. That’s something to take into consideration. It may be cheaper to go with an Advantage plan than to have all these other plans that you are paying for separately.
Advantage plans are intended for people who have a lot of coverage needs. If you pay out quiet a bit in medical costs each month or each year then something like this will probably benefit you. If, on the other had you have your medical costs well covered by basic Medicare then you shouldn’t need anything as robust as an Advantage coverage plan.
It’s really intended for people with serious medical problems or those who frequent the hospital and doctor’s office. That’s because it covers you for so much, and you not everyone needs all that coverage for themselves.
Take time to look at what your coverage needs are and compare them to what this plan is offering. Remember that there are different Advantage plans available in your area, in most cases, and you should compare them to ensure that you get the best coverage. One of them may be too expansive for you, but others could be a pretty good fit, so don’t give up after just looking at one or two of your options, since their coverage can vary.
Medicare Advantage Plans in 2018 will be saving lots of people money. Will you be among them or will you find a different plan that suits your needs better?