In many cases, Medicare does not offer sufficient health insurance coverage. Medicare Advantage plans are introduced to fill in the gap left by Medicare. This is the reason why the Medicare advantage plan is also known as Medigap Insurance. There are three biggest factors you need to consider before getting a Medicare advantage plan. These factors are described below:
Factors To Consider Before Getting A Medicare Advantage Plan
- Financial Situation
First of all, you need to make sure that you can afford a Medicare Advantage. The cost of Plan F starts from $95. For a standard Plan F, the cost goes even higher. The monthly premium advantage plans vary depending upon your area, your age, your smoking habits and the insurance company you have selected. It also important for you to choose a Medicare Prescription Drug plan that suits your financial situation. The average cost of this plan is around $40-70/month. You also need to continue paying your Medicare Part B premium. The cost of this advantage plan goes up with time. If you think you can afford a Advantage plan and you are eligible for it, it’s high time that gets it now.
This is because when you first apply for Medicare you don’t have any other creditable health coverage. At this point, you don’t even need to go through underwriting. Moreover, the cost of the plan is lower at this time and your acceptance is guaranteed as well. The longer you wait, the harder it gets for you to qualify for one. Although the price of Medicare advantage plan is higher than a Medicare Advantage plan, the health insurance coverage offered is far greater if you get Medicare Advantage Plan F.
- Health History
Medicare Advantage is an ideal plan for those who are suffering from some health situation. This plan is perfect for those people who have an underlying family history of poor health. You should get this insurance plan if you have a medical condition that requires you to frequently visit your doctor, specialist, or hospital. When you choose a Medicare Advantage plan, your regular visits to seek Medicare services would add up to the co-pays you are required to pay. The maximum out of pocket cost with a Medicare Advantage plan makes around $4000-$6,000 per year. In general words, a Advantage is a predictable cost plan.
- Your Personal Choice
With a Medicare Advantage, you have the freedom to seek medical assistance from any hospital or doctor you want. This feature makes this plan an attractive option for the majority of the recipients. Most of the times your Medicare Advantage plan oblige you to get services from an in-network provider. In many cases, you need to get a referral from your Primary Care Physician in order to see an in-network specialist. Being the “Cadillac” of Medicare health plans, Medicare Advantage provides exceptional health coverage, predictable expenditures, and the liberty to select almost any doctor, specialist, and hospital that you find suitable for you.