Time moves quickly, and before you know it, you have reached your 65th birthday. And that means you will need to navigate the choices of Medicare. If you are still trying to evaluate your options, let us help by discussing the benefits of Medicare Advantage.
Here are the top five reasons you should seriously consider getting Medicare Advantage, also known as Medicare Part C or simply ‘MA plans’.
Reason #1 – Better for budget
Plain and simple, pound for pound, Medicare Advantage plans help you save money.
So, if you have a tight budget and need to keep your monthly costs down, you should consider Medicare Advantage plans.
Did you know that the majority of these plans have $0 premiums? This feature means that the Medicare Advantage plan is premium-free. You will only need to pay the Part B premiums.
Although some MA plans do not have $0 premiums, they can still reduce the overall medical costs compared to Medicare Part B. In other cases, MA plans may even help pay for your Part B premium (commonly known as ‘Part B Giveback’), helping you save further.
Last year, around 60% of enrollees in MA-PD plans (or Medicare Advantage plans with prescription drug plans) did not have to pay for additional premiums other than their Part B premium ($170.10 in 2022, or higher if your income is above a certain threshold).
Reason #2 – Dental, vision, and hearing benefits
If you are insured under Original Medicare or Medigap plans, they do not provide dental, vision, and hearing benefits.
On the other hand, with Medicare Advantage, you enjoy these extra benefits often without paying additional premiums. These benefits can be valued from $1,000 yearly, all the way up to $3,000, $4,000, and maybe even $5,000 in value, depending on the plan and its usage.
With Medicare Advantage plans, you can get great value from your plan. You will also find plans that provide allowances for over-the-counter (OTC) drugs, fitness benefits, transportation, and meal delivery after a hospital discharge.
Reason #3 – Bundled drug benefits
Aside from dental, vision, and hearing benefits, Medicare Advantage plans have built-in drug benefits. This feature means that a prescription drug plan, also called Medicare Part D, is often already part of the total package, at no additional cost to you.
How much does this save you? On their own, prescription drug plans often cost $30 to $40 a month. So, that’s a potential $500 in yearly savings.
Wait, there’s more. It is well known among health insurance agents that Medicare Advantage plans commonly have better drug prices. These plans have better pricing indexes for the same drugs. Plus, they often have insulin savings programs.
Reason #4 – Flexibility
Medicare Advantage plans have flexible plan types. With the wide variety of plan types, the marketplace is pervasive and has different strokes for different folks.
For example, if you are not overly particular about which doctors you see, enroll in an HMO plan. But, if you prefer the freedom of choosing doctors, try using a PPO or a Private Fee-For-Service plan.
When some people talk about Medicare Advantage, they think sticking to a network is the worst thing. The truth is that MAPD plans offer a wide selection of different options to utilize health services, so you can find the one that perfectly matches your lifestyle.
Reason #5 – Plan benefits are getting better each year
Lastly, Medicare Advantage plans are improving every year. The program progressively gets better and better as private insurers compete for your enrollment. Based on statistics, MA enrollments grew by 9 percent between 2019 and 2020 and are projected to continue to grow.
Medicare Advantage plans have adapted to the needs of the pandemic. The latest data shows that more Americans have chosen MA plans for its telehealth benefits, particularly during the pandemic.
Therefore, as you move forward in retirement, you should expect better options like lower healthcare costs and improving benefit packages.
Final words
Since Medicare Advantage plans may not fit everyone, you should talk with a licensed specialist if you are still unsure about MA plans. If you are confused and need more information, the team at CoverRight can easily help you. We are just a phone call away.
