Why Medicare Advantage Plans are Bad 2020?
Medicare Advantage plans aim to offer seniors a powerful coverage that can reduce their medical expenses as low as possible. Despite its robust coverage, they are not for every senior. In this post, let us give you insights on why Medicare Advantage plans are bad for 2020.They have benefits. However, these plans do not work for some seniors.
Medicare Advantage Coverage
This type of healthcare coverage can handle emergency medical costs. It can also take care of urgently needed medical care service. On top of these things, MA plans will handle all Medicare Parts A and B services. These things are part of the basic Advantage policy.
But you can find other plans that will handle more expenses. For example, you can get plans that will cover for the costs of general wellness, hearing and vision checkups. Some plans take care of prescription medicine costs.
With its powerful coverage, you may think that it is the best plan for you. But before you decide, make sure to consider if you really need coverage for those items. Some of these items do not apply to all seniors. And as a person looking for healthcare coverage, make sure that you weigh these items before choosing these plans. If these coverage items are not something that you need, then do not waste your money with these plans.
To know whether or not you need this kind of robust coverage, make sure that you compare it to your current needs. Weigh the coverage you are getting now from the current plan. You should also examine the out-of-pocket expenses you have every year. There are some extra expenses that Medicare Advantage may cover for you that you are not paying for. However, having them in your policy would somehow give you peace of mind.
What is the Cost of Getting an MA Plan
All Medicare Advantage plans have monthly premiums and a deductible that you need to pay before your coverage starts. The cost of these things will depend on the insurers selling the MA plans. There is no standard price for MA plans.
As regards to their monthly premium, you could pay as low as $0 a month. But the rate could also go as high as $300 a month.
The deductibles will also vary. However, the higher the deductibles are, the lower the premium plans will be. You may use our website to know the prices for these plans. We provide a free search tool that gives you a way to find prices on Advantage plans without the need to go to every insurer’s website. We will give you local, current plans on the MA plan that you are interested in. With our free tool, you can easily find the overall cost of the plan if you pick one provider over another insurer.
As you analyze the rates, you might still wonder why Medicare Advantage plans are bad for 2020. After all, the plans’ rates are cheaper than other types of healthcare insurance. Keep in mind that Medicare Advantage plans can handle many medical expenses. They are also priced competitively. Thus, you would assume that they offer great value to your money.
But before you decide to obtain one of the MA plans, make sure that you examine all available plans and the insurers selling them. By sorting through all plans, you can find one that is a good fit for you and it suits your budget.
This is where Medicare Advantage plans become bad for some seniors. These plans will not work with all medical facilities. In other words, not all clinics, rehab centers, hospitals and other healthcare facilities in the US will honor the MA plan that you have. It is not that they do not accept Medicare Advantage plans but it is the fact that they do not honor your specific plan because it is provided by such insurer.
As you can see, insurance providers will have to partner with rehab centers, doctor’s offices and other medical facilities to accept their plans. The facilities that accept their policies are their partners. But not all facilities can be associated with all insurance providers.
Thus, if you go to a medical facility that is a partner of your insurer, then it means that it will accept your MA plan and you get full coverage. This medical facility is part of your insurer’s network. Now, what if you visited, say, your sister in another state and you need medical treatment? You would visit a hospital. But what if you could not find a hospital that accepts your plan? If you go to such a hospital that does not honor your plan, you will not get covered at all. In other words, you will have to pay the entire cost of that treatment through your own money.
Fortunately, insurers will give you some options that will allow you to use your plan even on medical facilities that are not part of their network coverage. One of these options is a PPO plan. It can give you full coverage if you visit a medical facility that is within your insurer’s network. If not, you will only receive partial coverage. It is useful for some seniors who are living outside of their provider’s network. Seniors who live in rural areas can benefit from having a PPO plan.
However, the majority of seniors will obtain an HMO plan because it is cheaper than the PPO. But it only gives coverage on the network. It is a standard plan and it works well for most subscribers of Medicare Advantage.
Is Getting a Medicare Advantage a Bad Choice
As mentioned earlier, Medicare Advantage is not for every senior. There are some seniors with a different coverage policy that are well taken care of by that plan. Other seniors may not benefit from the robust coverage of Medicare Advantage because they do not go to their doctor’s office or hospital frequently. It might be a high coverage plan that offers great value for seniors, it is not for every senior to take.
And these are the reasons why Medicare Advantage plans are bad for 2020. There are benefits and drawbacks of getting these plans. If you are not sure whether or not they are a great plan for your situation, consider studying your healthcare needs now. Then, analyze how having an Advantage plan can give you benefits in the coming year.
Compare 2020 Medicare Advantage Plans