How to Compare Medicare Advantage Plan?

How to Compare Medicare Advantage Plan?

November 12, 2019 46 By akhilesh

Medicare Advantage Plan and employer-sponsored health insurance policy are somewhat similar. You have to select a company & the best-fitted plan for your needs. The insurance company will pay a part of your healthcare coverage expense when you pay your monthly premium. Most of the plans under Medicare Advantage also cover various other services like prescription drug coverage, vision, and dental.

Also Read: Here’s How You Can Save Money On Drugs

We know that it is not always easy to select a plan for yourself out of so many other options. It is actually critical when you want to acquire low premium but end up with a high “out of pocket” costs. Specifically, there is no “best” plan under Medicare Advantage as a Medicare beneficiary’ needs used to differ. Hence, we will help you with a list of points to take in consideration while selecting the suitable plan for yourself:


Points to Remember While Choosing the Best Medicare Advantage

  1. Understand each Medicare Advantage Plans carefully
  2. Study about your present coverage requirements as if you need to continue with the current doctor or prescription drugs.
  3. Do a comparison of all the available plans in your area.

Also Read: Things You Should Know About Medicare Enrolment 2020

5 Major Points To Remember While Choosing The Best Medicare Advantage

1) What kind of Medicare Advantage Plan do you need?

Before selecting the best Medicare Advantage plan, take some extra time to understand every option thoroughly.

Following are different types of Medicare Advantage plans:

  • Health Maintenance Organization (HMO) – Recipient is bound to stay in a network of insurance providers.
  • Preferred Provider Organization (PPO)– Recipients can acquire out-of-network service but then they will have to pay a high cost.
  • Private Fee-for-Service (PFFS)– Under this plan, you will not have the access to any network & you’ll also have to analyze with every provider to know whether they’ll accept your policy for the particular service you will acquire.
  • HMO Point-of-Service (HMO-POS)– This plan is similar to an HMO. But it includes the benefit to get outside the network at a high cost and find a provider who will accept the Medicare.

Well, after understanding all the types of coverage, start examining your coverage requirements.

Also Read: Medicare Advantage Plans 2020

2) Do You Need Any Prescription Drugs?

Many of the Medicare Advantage plans consists Medicare prescription drug coverage. However, types of medication covered & the total cost differs. Write down your medications in a list & refer it when you will compare the plans.

3) Do You Wish To Continue With Your Present Doctor?

A few people maintain a good relationship with their specialists or PCP (primary care physician). However, most of the plans under Medicare Advantage need that the recipient visit specialists within the specified plan’s network. 

Therefore, select a plan that will let you move out of your network without any restriction.

4) How Frequently Do You Require Healthcare Services?

While choosing a plan under Medicare Advantage, you should examine what is your expected usage of the Medicare benefits.

5) Which Benefit Matter The Most To You?

Do you know Original Medicare does not provide coverage for benefits like dental & vision? However, many plans under Medicare Advantage do cover them.

Therefore, prepare a list including all the benefits & services that you need your MA plan to provide coverage for.

Also Read: Do You Know About Medicare Advantage Health Plans

Compare Medicare Advantage Plan

After you figure out your healthcare requirements, the very next thing you need to do is to begin comparing all the Medicare Advantage plans.

Never choose an MA plan without proper research and comparison!!!