The Medicare advantage plans 2022 offers a different type of coverage from Medicare Part A and Part B. It is a health insurance plan that often includes prescription drug coverage. Over a third of Medicare-eligible patients choose a Medicare Advantage plan instead of a traditional fee for service Medicare.
And since the Affordable Care Act, more people have been choosing these plans as an alternative to traditional Medicare. But what if you’re not sure if it’s right for you? In this article, we discuss the benefits to help you decide for yourself.
What Are Medicare Advantage Plans, And How Ho They Work?
Medicare Advantage plans are a kind of Medicare coverage that is often provided by private insurance firms. They are also known as Medicare Supplement plans.
It provides a wide variety of benefits in addition to those provided by standard Medicare. This form of the plan also includes prescription medication coverage, and in 2016, more than a third of Medicare-eligible individuals opted for this type of plan rather than the conventional fee-for-service model of health care.
In this post, we’ll go through the advantages and disadvantages to help you decide whether it’s appropriate for you.
Choosing A Medicare Advantage Plan Is An Important Decision
The Medicare Advantage plan is one of the most popular options for Medicare-eligible individuals, and it is also one of the most affordable. One of the reasons these plans are so popular is because they provide a comprehensive bundle of benefits, which often includes prescription medication coverage as well.
According to the Centers for Medicare and Medicaid Services, about one-third of Medicare-eligible individuals select a Medicare Advantage plan rather than regular fee-for-service Medicare. And, with the passage of the Affordable Care Act, an increasing number of individuals have chosen these plans as an alternative to regular Medicare. The question is, what if you are not sure whether it is the appropriate choice for you.
In this post, we will explain some of the pros and cons of each option to assist you in making your own decision.
The Benefits Of Medicare Advantage Plans
Medicare Advantage plans offer a different type of coverage from traditional Medicare.
1. You have more choices
With a Medicare Advantage Plan, you have the option to select from a variety of plans with different benefits and costs. For example, some plans cover prescriptions while others don’t. You can choose something that fits your needs and budget best!
2. A lower out-of-pocket cost
In 2017, the average out-of-pocket cost for a traditional Medicare plan is $4,400 per year. That’s a lot of money! But with a Medicare Advantage Plan, you could pay as little as nothing in out-of-pocket costs if you’re in perfect health. Plans cover about 75% of your medical expenses after premiums are paid—so you can save by going with a Medicare Advantage Plan instead of traditional Medicare coverage.
3. Better prescription drug coverage
Some Medicare advantage plans 2022 give you prescription drug coverage at no additional cost while other plans charge an extra monthly premium for this benefit—but either way, it’s still less than what you would pay on your own without health insurance!
