Choosing the right Medicare Advantage plan can be tricky. The reason is, Medicare Advantage plans (MA) are not standardized; therefore, they can vary greatly in coverage. This data has just been released on how most people are choosing their health plan.
The purpose of this article is not to compare Medigap vs. Medicare Advantage. Once you have decided Medicare Advantage is right for you, these are historically how people have chosen their plans.
How Do People Select a Medicare Advantage Plan?
When people shop for Medicare Advantage plans their focus is mainly on Brand Name (35.3%), monthly premium cost (25.7%), and ratings (13.6%), according to the Journal of General Internal Medicine.
How You Should Select a Medicare Advantage Plan
While brand name, monthly premium, and ratings are important for choosing a Medicare Advantage plan, out of pocket costs for health care and prescription drugs, and the plan’s network of doctors and hospitals should be a main focus. These are the areas that we have found tell the true story of the plans available.
For instance, if you just look at premium (monthly payment), you could miss that your costs for services and prescription drugs could be much higher. With some plans you can pay as much as $6700 in out of pocket costs for health care, whereas others have ones as low as $3000.
As well as, Medicare Advantage plans generally have a small network. So, if you’re not checking out to see which doctors and hospitals are in the plan’s network, you might be working with a great Brand name and great ratings, but don’t have a lot of options for healthcare providers.
How to Switch Your Medicare Advantage Plan?
Each year during Medicare’s Open Enrollment, you can switch or drop your Medicare Advantage plan. That’s the good news! So if your current MA plan does not cover you the way you need to covered, you can change. Remember to always compare your Medicare Advantage each year.
For further questions about Medicare Advantage plans call a Senior65 agent at 800-930-7956.