What Are the Advantages and Disadvantages of Medicare Advantage Plans 2020?
While Medicare Advantage plans are being chosen by thousands of seniors each year, they have both pros and cons to them that we want to discuss with you here. It is certainly worth knowing about these plans and what they can do for you, and we think a great way to learn more about whether they might be right for you is to answer the question: What are the advantages and disadvantages of Medicare Advantage plans for 2020?
There is lots to love about these plans. They are able to provide you with powerful coverage that cannot be matched by other kinds of healthcare plans. These are some expansive coverage plans that can take care of the majority of medical expenses for you, giving you peace of mind, protection and coverage that leaves you very little left to pay from your own pockets.
All Medicare Advantage plans are going to cover you for parts A and B of Medicare, as well as for any leftover emergency and urgently needed medical services. Parts A and B take care of a lot of the common hospital and doctor’s office expenses for you, covering routine costs and some emergency services, and then the other parts of Medicare Advantage take care of everything related to urgently needed and emergency medical services for you.
Some of the Advantage plans can cover you for even more, though, taking care of the cost of prescription drugs and routine checkups, among other expenses. All Advantage plans have to include that basic coverage, though, and for many people, that is enough to keep them well covered.
Advantage plans are accessible to most seniors. If you have a basic Medicare plan that is active, then you should qualify for Medicare Advantage. You can check with us to see if you meet the qualifications, but once you are 65 and have that basic Medicare plan, you should have no trouble signing up for the Advantage plan that you want.
These are also cost-effective plans. Many times, Medicare Advantage is a cheaper alternative to other major medical plans. You can usually save money by signing up for Medicare Advantage than you would getting similar coverage from multiple smaller plans. For example, if you signed up for a basic Medicare plan, a Medicare Part D drug plan and a Medicare Supplement, then you could get similar coverage to a high coverage Medicare Advantage plan. You can consolidate all your premiums and deductibles, however, with an Advantage plan, saving yourself money over the long run.
One reason why prices can be so affordable is because there is no standard price for Advantage plans. They can be as low as $40 a month or as high as $300 or more each month. It just depends on which insurer you sign up for, since the insurers get to decide what the rates are. That means that there is a great opportunity for you to save some money and get a great rate. You simply have to source multiple prices and compare them, and you can do so free of charge here on our website.
We cannot answer the question of what are the advantages and disadvantages of Medicare Advantage plans for 2020 without talking about the downsides to these plans. You have to know about the good and the bad so that you can make an informed decision.
We told you already that you can sign up pretty easily for a Medicare Advantage plan, but you should be aware of the restricted enrollment period. You will only be able to enroll in a Medicare Advantage plan if you apply during Open Enrollment. This starts each year at October 15th. That’s the earliest that you can sign up for these plans, and you have until December 7th to enroll.
You should also be aware that Advantage plans are limited by the network of the carrier that you choose. Each insurance carrier that sells Medicare Advantage plans can only give you full coverage while you stay on their network. You can go outside of their network for your healthcare services, but you will not receive full coverage. The good news here is that you can choose a PPO option on your Medicare Advantage plan to get partial coverage outside of the network. It costs more than your basic Advantage plan, but it is very helpful for those people who live outside of their network’s coverage area.
If you live inside the network though, then you can save money by choosing an HMO plan. This will only cover you on the network, and it costs you less per month than the PPO option does.
Another disadvantage of Medicare Advantage is that it can conflict with some other medical insurance plans. A lot of what is on the health insurance marketplace will conflict and overlap with Medicare Advantage, such as healthcare plans that your employer or union offer. Any Medicare Supplement is going to conflict as well, so you will have to drop that other plan before you can sign up for the Advantage plan.
Now that you know some of the pros and cons of this kind of plan, you will be a better able to decide if it is right for you or not. If you have any questions, then you can direct them to our experienced health insurance team. They will be happy to assist you in choosing the right plan or in sourcing prices so that you can find the best deals.
We hope that this answers the question of “What are the advantages and disadvantages of Medicare Advantage plans for 2020?” for you. It is important that you consider all the facts and not just read glowing reports of Medicare Advantage plans and what they are good for. The more you know about them, the wiser your final decision will be. Feel free to use our site to source some quotes and get a good deal on your coverage plan.
Compare Medicare Advantage for 2020