When it comes time to pick your Medicare coverage, you may want to compare Medicare Advantage plans and their benefits against Original Medicare. Some people may benefit from enrolling in Medicare Advantage more than others, and each plan has both pros and cons.
See more on that here: https://www.hellahealth.com/blog/medicare/the-pros-and-cons-of-medicare-advantage-plans/
Medicare Advantage, otherwise known as Medicare Part C, are private health plans contracted with Medicare. Medicare Advantage is a package that provides all of your Medicare Part A (inpatient) and Part B (outpatient) benefits, and often provides some Part D (prescription drug) benefits. In contrast, Original Medicare offers these programs separately.
Some of the pros of Medicare Advantage plans include:
—One-stop shop for Medicare: Medicare Advantage plans are a single plan covering the myriad Medicare options, which can be simpler for people. If you want to keep all your coverage under one roof, Medicare Advantage may be right for you.
—Extra benefits included: Some Medicare Advantage plans cover dental, vision, and hearing, which Original Medicare does not cover. If this coverage would be useful, Medicare Advantage may be right for you.
—Premium rebates: Some Medicare Advantage plans may help pay all or part of your Part B premium. Although Part A does not typically require a premium, the Part B premium is at least $164.90 a month, and Part D can be expensive. In contrast, the average Medicare Advantage premium in 2021 was only $21 a month.
—Out-of-pocket expenses are capped: Medicare Advantage out of pocket expenses are capped at $8,300 for 2023, while Original Medicare has no cap on your out of pocket expenses unless you also buy a Medigap plan. Even so, your out of pocket expenses can vary by Medigap plan.
Some cons of Medicare Advantage plans include:
—Plans may be discontinued from year to year: Because Medicare Advantage plans are contracted through private companies, they may change or get discontinued from year to year. If the stress of changing plans would be overly burdensome, Medicare Advantage may not be the best choice for you.
—The provider network can be limited: Medicare Advantage plans often limit you to the plan’s network of doctors. If you live in a remote area, it may be hard for you to find an in-network Medicare Advantage provider.
—You might not be able to get supplemental insurance if you ever switch back to Original Medicare: Medigap supplemental insurance plans are common for those who enroll in Original Medicare. However, you can be denied Medigap coverage for preexisting conditions if you do not sign up for Medigap within the first 6 months of their benefits starting. You cannot have both Medicare Advantage and Medigap at the same time.