Everything you should know about Medicare Advantage plan

As you get closer and closer to retirement age, it is common to begin to worry about health insurance. If you get your health insurance through work, you will have to find another option once you retire. The good news is, there are a ton of different options to choose from. The bad news is that it can be tough to narrow down which choice makes the most sense.

A common choice for seniors is to use Medicare. In fact, Medicare supports around 60 million Americans from all walks of life. It saves them from spending an arm and a leg on medical costs, while also ensuring they get the healthcare they need.

Some may go with original Medicare, while others will opt for something like a Medicare Advantage plan. Now, you might be asking “what is Medicare Advantage plan?”, and don’t worry, we’ve got you covered. This blog post is going to go over everything you should know about a Medicare Advantage Plan.

What is a Medicare Advantage Plan?

A Medicare Advantage Plan is a type of health insurance in which Medicare benefits are offered via a private company.  In contrast, original Medicare (Parts A and B) is normally offered by the government. The private company you work with will have a contract with Medicare to provide all of your Part A (hospital insurance) and Part B (medical insurance) coverage.

A Medicare Advantage plan is often called Part C, and is an all-in-one solution to your health insurance. Oftentimes, they will come with added benefits of extra coverage such as dental coverage, vision coverage or even prescription coverage.

What Are the Benefits of a Medicare Advantage Plan?

The first benefit of a Medicare Advantage plan is one that we touched on earlier, that you will have access to more benefits. With a Medicare Advantage plan, at the very least you will be getting the same Part A and B coverage that original Medicare offers. Many plans will include added benefits like gym memberships, drug coverage, and maybe even vision and dental.

Another huge benefit of going with a Medicare Advantage plan is in relation to out-of-pocket expenses. Medicare Advantage plans have a maximum limit that you will have to spend out-of-pocket. Once you spend that limit, you will no longer need to pay even a single penny for covered services until the end of the year. On the other hand, original medicare doesn’t have a maximum limit, which means that you could be stuck spending a ton out of pocket.

Also, because they are an all-in-one solution, they are often easier and less stressful to manage. It is very convenient and saves you from having to work with a different provider for each of your necessary types of healthcare coverage. Of course, these plans aren’t right for everyone, so be sure to go over your needs and potentially consult a professional if you would like some assistance.

How to Choose the Right Medicare Advantage Plan?

The first step in choosing the right Medicare Advantage plan is to find out your needs. Your needs will be different from your family friend, and so will the plan you choose. There are hundreds of plans out there, each with their own benefits and unique inclusions. Take time to find the one that best meets your needs and covers what you need covered.

For example, if you need vision coverage and dental, but have no need for prescriptions, be sure that you find a plan that represents those needs. If you get a plan that covers things you may not need, you could end up wasting money. Be sure to also consider your needs in the future, as you don’t want to be surprised with a large cost that could have been mitigated with insurance.

Also, you want to be sure to consider the private insurance company you will be working with. Make sure that they are a trustworthy company, with a good track record of success and a great reputation in the community. Of course, you should also be comparing the costs of each plan, the benefits provided, the deductibles and other things like that. Doing all of this research can be cumbersome, but it is certainly worth it in the long run.

In conclusion, we hope that this article has been able to show you everything you should know about a Medicare Advantage plan.

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