Who Should Apply For A Medicare Advantage Plan?
Should I apply for a Medicare Advantage plan?
You are eligible for Medicare. What’s next? You have to make some decisions. Medicare-only insurance is an option, but will be subject to some potentially high unpredictable costs. Or you can buy a Medicare supplement if it is affordable. Your third option is to sign up for a Medicare Advantage plan. Enrolling in this type of Medicare plan is a popular option for many people for many reasons. But it is not the best option for everyone. Who enrolls in a Medicare Advantage plan is largely determined by individual circumstances. And don’t expect to find a plan that is necessarily considered best for everyone. You may consider an advantage plan if you meet any of the following criteria.
You have a limited budget.
Having a limited budget comes into play in two ways. First, you might consider enrolling as you will receive all the original Medicare benefits, but you will have the benefit of a maximum amount out of pocket. If you get your coverage through the original Medicare, you will not have a limit on your costs of covered services. Only 20% of outpatient costs alone can leave some budget-destroying expenses. Another reason your limited budget can guide you to a plan is the high cost of Medicare supplement premiums. Supplementary premiums are generally much higher on average than Medicare Advantage plans and the premiums. Some Advantage plans have premiums as low as $0 per month.
Do you want extra benefits
Medicare Advantage plans include all benefits from Parts A and B, but private insurance companies offering these plans may include benefits beyond what would normally be available on Original Medicare. It is common for plans to include Part D drug coverage, and some plans may include extras such as; Dentistry, vision, hearing, gymnastics and transportation associations. Medicare supplemental policies rarely include these extras, and supplemental policies are not currently offered with internal drug coverage.
You want an all inclusive plan
If you want a plan that includes your medical benefits and drugs for Part D, consider an Advantage Plan. If you enroll in a Medicare Advantage drug benefit (MAPD) plan, you will only interact with one insurance company, which could limit interaction with multiple member service departments.
You cannot qualify for a Medicare Supplement
Unless you are on your Medigap Open enrollment period or are entitled to guaranteed emission rights, you will be subject to a medical subscription when purchasing a Medicare supplement. Some pre-existing conditions or recent hospital admissions may mean a denial of coverage.