Have you recently become eligible to use Medicare for your health insurance? While traditional Medicare comes with Part A and Part B coverage, there is the option to purchase a Medicare Advantage plan that has Part C coverage. If you're wondering if you should get a Medicare Advantage plan, you'll definitely want to know more about what they offer.
Cost Benefits
Many people want a Medicare Advantage plan because it can offer lower costs for their out-of-pocket expenses. However, Medicare Advantage offers lower costs in two ways that you want to look into. It is common to have a lower copay for doctor visits so that you pay less at the time of an appointment. This can give you some peace of mind that you'll be able to afford each appointment when you go.
Medicare Advantage also has an out-of-pocket maximum, which transitional Medicare does not have. This means that Medicare Advantage will give you a safety net of how much money you will potentially spend each year, and you know that medical bills will not cause you to dip into your retirement savings.
Dental, Vision, and Hearing Benefits
Medicare Part A and Part B are only going to cover your medical-related costs for hospital and doctor visits. This means that with traditional Medicare you are not going to get care for dental, hearing, or vision problems as you get older. Medicare Advantage will actually give you coverage in these key areas. These are all important factors in your overall health, and you shouldn't be ignoring them in retirement just because you have to pay for them yourself.
Networks
Traditional Medicare has the huge benefit of being offered by many providers. As long as a doctor accepts Medicare you know that you can go to them. Medicare Advantage is a bit different since it uses a network of doctors like a traditional health insurance plan. If your preferred doctors are in your network then this may not be a problem. However, you could end up in a situation with Medicare Advantage where you cannot see the doctor you want to see.
Eligibility
Know that not everyone is eligible to enroll in a Medicare Advantage program. It is common for individuals that have illnesses like End-Stage Renal Disease to not qualify, as well as people currently in hospice care. You also must be enrolled in traditional Medicare, because Medicare Advantage providers receive the premiums that the government pays for traditional Medicare to offset your costs.
Contact a local Medicare service to learn more about the Medicare Advantage plan.
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