Before you can make ANY decisions about Medicare you have to know and understand these important truths about Medicare Advantage.
Medicare Advantage is network based.
Perhaps the most important thing you need to understand about Medicare Advantage programs is that they all rely on some type of network of providers. These networks come in the form of either an HMO, PPO, or PFFS. There can be some variances of these, but these are the most common. I will break down these networks in part 3 of this series.
Advantage plans are not created equal.
Although they are structured the same; Medicare Advantage plans can vary drastically from plan to plan. This means that you must do your homework before joining one of these plans. You should start by identifying whether or not your providers are in network. The second biggest factor to consider which most people ignore is the Maximum Out-of-Pocket. Don't get caught up in comparing little things like doctor's copays unless the doctor's office is your second home!
MA plans provides a Maximum Out-of-Pocket.
Continuing on from the previous point, the Maximum Out-of-Pocket is one of the biggest benefits of Medicare Advantage. If you remember on my previous article about Original Medicare; it does not give you this protection. For people that can not afford a Medicare supplement or just want to save some money, the Maximum Out-of-Pocket feature of Medicare Advantage plans offers great security.
Medicare Advantage is still a part of Medicare.
I'm including this truth because I have found that many people believe that they lose their Medicare benefits when they join an Advantage plan. The truth is that Medicare Advantage is actually called Part C of Medicare. Yes, it does override your Part A and Part B benefits, but this is actually a good thing for you because it allows you to in many cases not to have to pay large deductibles and that 20%.
Medicare Advantage is not right for everyone!
I can't tell you that one plan fits all. Unfortunately, since every plan is different, and your needs are different than your neighbors; I can't tell you to go join one particular plan. But I can tell you that some of the most popular plans are offered by Humana, United Healthcare, Wellcare, and Healthspring. Start by asking yourself these questions; How important is freedom of choice when it comes to your health providers? How important is cost? How healthy am I? Once you answer those questions you can easily decide whether you want to be in an Advantage plan or in Original Medicare with a Medicare Supplement.
Matt Spitsbergen is married with three children and is a resident and native of Florida. He is a licensed insurance agent and has worked in the Medicare field for many years. He reviews many Medicare programs including Healthspring Medicare Plans. Looking for a simple explanation of Medicare? Grab your FREE 5 part Mini-Course on Medicare Made Easy at my blogMedicare Plans.
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