Medicare Advantage plans, also known as Medicare Part C, are PPO-type, local network plans for those 65 and over, and those with certain disabilities. Only thing about Medicare Advantage plans are they can be pretty complicated because they are not standarized. Here’s a way to understand how MA plans are broken down for costs.
Medicare Advantage Costs
Medicare Advantage plans replace Original Medicare and each MA plan provider will have different costs. These costs will vary based on:
- If the plan charges a monthly premium.
- If the plan pays all or part of your Medicare Part B premium
- If the plan has a deductible
- How much you pay for copayments and coinsurance
- If the plan offers a prescription drug plan
- If the plan offers extras like vision, dental, and gym memberships
- The plan’s yearly limit on your out-of-pocket costs for all medical services.
- Whether you have Medicaid or get help from your state.
Annual Medicare Advantage Cost Details
If you have a Medicare Advantage plan you’ll want to review the “Evidence of Coverage” (EOC) and “Annual Notice of Change” (ANOC) your plan sends you each fall. The EOC details what the plan covers, how much you pay, and more. The ANOC explains any changes in coverage, costs, or service area that will be effective in January.
Don’t Like Your MA Plan’s Costs? Change it
If you don’t like your Medicare Advantage plan you have an opportunity every year to switch it. This Medicare Advantage open enrollment ranges from October 15 -December 7 each year. There are also a Medicare Advantage Special Enrollment Period that you can switch your plan during the year to another MA plan with a 5-star rating.
If you’re ready to enroll in a Medicare Advantage call the number above or contact Senior65.com.