Should you sign up for a Medicare Advantage Plan?
Now you qualify for Medicare. What now? There are some decisions you might have to make. Insurance with Medicare itself is an option, but you may be subjected to high unpredictable costs. If it is affordable, you could buy a Medicare supplement. Your third option is to sign up for a Medicare Advantage Plan.
A popular choice for many people is to register for this type of Medicare plan for a number of reasons. But it is not the best choice for everyone. Anyone enrolling for a Medicare Advantage Plan will be largely determined by their personal situation. And do not expect you will find a plan which is considered suitable for everyone. Maybe you should examine an Advantage Plan should you meet any of the following conditions.
You have a limited budget:
In several ways, a limited budget comes into play. Firstly, you can consider signing up because you get every benefit of the original Medicare, but have the benefit of a maximum amount out of pocket. Should you receive your cover from original Medicare, you will not be capped for your share of covered services. The 20% outpatient costs alone could burden you with some budget busting expenses.
Yet another reason why your limited budget could lead you to enroll for a plan is the high premium cost of the Medicare Supplement. Additional premiums are, on average, significantly higher than Medicare Advantage Plans premium. There are some Advantage Plans which have premiums of only $0 each month.
You want additional benefits:
Medicare Advantage Plans include all the benefits of Part A and B, but the private insurance companies that offer these plans may include benefits beyond what is normally offered by Original Medicare.
It is common place for plans to include Part D drug coverage, and some plans may include extras such as: vision, dental, hearing, transportation, and gym memberships. Medicare supplement policies rarely include these extras, and supplementary policies are not currently offered with integrated drug prevention.
You want an all inclusive plan:
You must consider an advantage plan if you want a plan that includes your medical and part-D drug benefits. If you sign up for a 2019 Medicare Advantage Plan (MAPD) plan, you will only interact with an insurance company that might limit interaction with multiple member services.
You may not qualify for a Medicare supplement:
Except you are in your Medigap Open Enrollment Period or eligible for guaranteed emission rights, you are generally under medical risk when you purchase a Medicare supplement. There are some pre-existing conditions or recent hospitalization may result in denial of coverage plans.
Some states do not require insurance companies to offer Medicare benefits to Medicare beneficiaries below the age of 65 years. And in the respective countries, the premiums for beneficiaries under the age of 65 can be much higher.
Here are some of the reasons why you want to sign up for a Medicare Advantage Plan. For some people, this is the only option apart from primary Medicare.