What are the Advantages and Disadvantages of Medicare Advantage Plans 2020
Health insurance plans are not perfect. Each plan has its pros and cons. Seniors must know them all before deciding whether or not they would take one of those plans. In this post, let us take a look at one particular healthcare coverage policy — Medicare Advantage plans. We will let you know what are the advantages and disadvantages of Medicare Advantage plans for 2020 so you can make an informed decision before signing up.
Before we proceed, let us first define what Medicare Advantage plan is.
What is Medicare Part C or Advantage Plan
Medicare Advantage plans are available through private insurers and not from Medicare, even though Medicare created them. These plans work along with Medicare Parts A, B, and D.
Medicare requires that insurers will include standard policy coverage in each plan. Apart from the regular coverage, the plans may also cover Part D drug policy.
Although these plans are available anywhere in the US, you need to be in the coverage area of the insurer. Furthermore, you must have a valid Medicare plan to obtain it. These plans will handle your existing Medicare plan. However, it does not include hospice care so you will need the Original Medicare plan to handle it for you.
The additional coverage, along with the standard coverage, makes this policy a powerful healthcare plan. It can handle the most common expenses, thereby, minimizing your out-of-pocket expenses.
Now, let us take a look at the pros of Medicare Part C.
Part C Benefits
One of the greatest aspects of Part C is that all plans offer high coverage. Because of that, the plans will pay for you so that the remaining out-of-pocket expenses will significantly reduce. In some cases, you will be left with nothing to pay on your own. That’s why it is ideal for individuals who are paying high medical bills as they frequently visit the hospital or doctor’s office.
The plans are also diverse. Each plan includes guaranteed coverage. These promised coverage items would include Medicare Part A and Part B, as well as emergency and urgently needed medical services. However, you can pick plans that will pay for other types of medical expenses. Then, you will find coverage that can handle your prescription medicines and the overall cost of routine checkups.
Even though the Advantage plans offer high coverage, they have affordable rates to the point that you can find a plan with a $0 monthly fee. This is a free plan that will give you coverage all year long. However, you will have to settle a deductible before your plan will start covering for your expenses.
Private insurers are allowed to just pick the plans that they want to sell. It means that every insurer has its own set of Advantage plans that is quite different from what the other insurers are selling. Because of the wide selection of these plans, you can be sure to find the one plan that suits your medical care needs. Just make sure that you thoroughly study all your options so you can find that one plan that works well with your medical situation.
Use our website to help you see easily the overall cost of obtaining Medicare Advantage plans. You can compare the prices of these plans and find out which of the private insurance companies are offering them at the most affordable rates. You can also avoid choosing a plan with an exorbitant fee when you can opt for a plan from an insurer that has a reasonable rate.
Since this post is about the advantages and disadvantages of Medicare Advantages plans for 2020, we will now give you the cons of signing up for these plans.
Drawbacks of Part C
There are benefits of signing up with Part C but there are also downsides of getting an MA plan. You must be aware of them to help you make an informed decision.
One of the biggest drawbacks of these plans is their limited coverage area. Unlike other Medicare plans, MA plans will only work if you use them within the insurer’s network area. Most Medicare plans are honored in any medical facilities in the US. They will give you full coverage if that facility accepts Medicare plans.
But with MA plans, you will only get full coverage if you visit a medical facility that acknowledges your insurer’s plans. These medical facilities would include rehab center, hospitals, doctor’s offices, pharmacies, etc. Not all medical facilities in the US will accept your insurer’s plans. To get full coverage, you must stay within the network. If not, you will either get partial coverage or none at all. PPO Advantage plan is your best option if you want to receive coverage even if you go outside the insurer’s network.
Apart from the limited coverage, Advantage plans have higher deductibles. It is especially true if you picked the plans with $0 monthly premiums. Thus, you need to pay the higher deductibles before your policy will start covering for you.
Another thing to consider is that Advantage plans will not work with some healthcare plans, like your employer’s healthcare coverage or union medical policy. The reason for this is that these plans overlap. It means that there are some items with the same coverage as the other plans and Medicare does not allow you to pay for identical coverage twice. In that case, you must cancel one to get the Advantage plan.
Indeed, there are cons of signing up with Medicare Advantage plans. But they are still worth a look, especially for seniors who struggle to settle their medical expenses each year. The powerful coverage that these plans offer will help minimize your out-of-pocket costs. They can also replace several plans and consolidate them into one powerful policy.
With these details about the advantages and disadvantages of Medicare Advantage plans for 2020, we hope that you will make an informed decision. If not, please let us know and we can assist you in picking the right plan.
Compare 2020 Medicare Advantage Plans