Medicare advantage plans comparison 2024
A comparison of Medicare advantage plans is a great investment in your health, whether you are new to Medicare or shopping around for a better plan. It is recommended by health insurance professionals that you assess your needs for medical services and prescription drugs each year during the open enrollment period for Medicare, and compare your current coverage to other choices that are available to you.
Medicare Advantage Plans Comparison Criteria
– Overall Plan Rating (1 to 5 Stars)
– Health Benefits
– Drug Coverage / Restrictions (The Plan’s Formulary)
– Network Of Participating Health Care Providers And Facilities
– Monthly Premium
– Deductible
– Co-Payments
– Out Of Pocket Spending Limit
– Specific Rules Or Limitations
Comparing Medicare Advantage Plans Side by Side:
If you are already enrolled in Medicare advantage, your first step should be to carefully assess the health services and prescription drugs you currently need. Second, read your plan policy as well as your insurer’s annual notice of change letter (if you received one). Make sure you understand any aspect of your plan – if not, talk to your plan provider.
The next step in your Medicare advantage plan comparison is to find out which plans are currently available in your geographic area. Depending on where you live, you may have a number of choices. A good starting point is the online Plan Finder tool by Medicare.gov https://medicare.gov/plan-compare/.
Now compare each plans’ benefits to what you need. All Medicare advantage plans have to include all of your Part A and Part B Medicare coverage, including emergency and urgent care coverage (hospice care is always provided by Medicare). Now look at any additional benefits the plan may have and make a list.
Typically, Medicare advantage plans have their own network of doctors and hospitals that you are required to use, and they will not cover any treatment you obtained from outside their network. Are you ok with the choice you have?
Now it’s time to compare costs: When you compare the costs of Medicare advantage plans, do not select a plan just because it has a low monthly premium, but try to come up with the total annual amount including deductibles, co-payments. Also make sure to check the out-of-pocket maximum. Is it within your financial budget? Be aware that in case you get seriously ill, with some of these low cost or zero premium plans you may face the risk of a huge amount of out-of-pocket costs.
Lastly, do your own rating: How well on a scale from 1 to 10 will each Medicare advantage plan cover your medical services and the prescription drugs you are taking, and are its costs competitive and affordable?
After this thorough comparison, you will be able to make an informed decision which plan best meets your medical needs and what you can afford not only on a monthly basis, but also in case of an unforeseen health problem.
As we get older, our health care and medication needs change – and so do your options for Medicare advantage plans. Because the insurance market is very competitive, insurance companies strive to add new attractive plans every year. This means, beneficiaries who take the time to compare plans may very well save a significant amount of money or increase their benefits by switching to a plan that better fits their current needs.
If a comparison of different Medicare advantage plans sounds like too much of a challenge to you, you may want to ask a licensed insurance broker who specializes in Medicare to assist you. It’s a good idea to select an independent one who works with different insurance companies in order to find the best plan that is available to you.
