Compare Medicare Advantage Plans 2021
Medicare Advantage Plans refer to those plans offered by private Insurance companies under the administration of Medicare to provide for all your Medicare Part A and Part B plans,
Other additional benefits come along with it, such as prescription drug coverage.
The Basics of Medicare Advantage Plans
It is important to compare Medicare Advantage plans for 2021 as these plans act as an alternative to Original Medicare, and therefore any change of these plans can drastically affect thousands of seniors who are enrolled in the plan. As we know that those seniors who turn 65 get automatic eligibility for Original Medicare, then the effect would be huge. The reason is that it covers for hospitalization charges under Medicare Part A and office visits, and under Medicare Part B. As a rule, there is typically no charge for seniors who live in the United States for Medicare cover.
Medicare Advantage Plans are also called Medicare Part C plans, and the plan brings together the costs under Medicare Part A and Part B with an addition of Medicare Part D drug prescription plans to become one solid plan. Such a plan makes the out of pocket costs lesser to the senior, and they continue to enjoy their Original Medicare package.
The plan is also offered based on geographical coverage under different options. But, some exemptions make it a bit flexible to accommodate for those seniors who are not able to visit the hospitals that are in the network coverage. We are going to analyze each of the options so that you can understand and know the best plan to subscribe to.
Compare Medicare Advantage 2021
Health Maintenance Organization (HMO)
From as early as the 1970s, HMO plans have been top-rated in the administration of Medicare Advantage Plans. The plans are designed in such a way that they offer services within the network coverage. The cost for this plan is also manageable, only that you are limited to the network coverage except in circumstances where you need urgent medical attention. Otherwise, if you go out of the network, you will have to pay the costs on your own.
The PPO plans are an alternative to HMO plans with some flexibility when it comes to network coverage. Seniors who sign up for this plan are allowed to access doctors outside the network and choose the doctors whom they would want to work with. However, this comes with a higher cost in terms of premiums and out of pocket expenses. But the beauty is that they do not require a primary care physician, unlike the HMO’s which one must have one to make recommendations and references for specialist services.
The difference in pricing as per the Kaiser Family Foundation indicates that in 2019 drug prescription costs under HMO were going at $23, and PPO could go as far as $39 for local charges and $44 for regional fees.
Therefore, it’s recommended for those who sign for PPO to save money by purchasing drugs in less expensive pharmacies and avoid being limited to the network.
Private Fee-For-Service (PFFS) , Special Needs Plan (SNP), & Medicare Medical Savings Plan (MSA)
Private Fee-For-Service (PFFS)
PFFS plans are more flexible plans in terms of their benefits structure. They operate more like the PPO plans, and they operate in such a way that the doctors within the plan treat those customers whom they have agreed to treat. Otherwise, they can reject to treat any patient altogether. To the seniors, they are free to visit any doctor who is outside the network, but with the agreement that they are ready to pay more from their pockets. Medicare does not adequately regulate PFFS plans, and as such, they have the freedom to charge for their services at their peril. It can be more or less, depending on the agreement.
As time goes. PFFS plans might decide to shift some of the costs to higher premiums and offer limited coverage mostly for those people who need specialized services. PFFS plans are most applicable to those people who are interested in managing their healthcare costs. For instance, one is required to pay for copay only when you need the service.
Special Needs Plan (SNP)
SNPs are plans which work well with those people that have special needs. Its main target is to capture the needs of those people who need support in special attention, such as those suffering from chronic diseases, disabling medical conditions, or institutionalized individuals. They are called dual-eligibles if they meet these criteria.
SNPs are also coordinated by coordinated care Plans (CCPs) who have met the Medicare guidelines. They must also provide for prescription drug plan.
Medicare Medical Savings Plan (MSA)
Medicare Medical Savings Plan plays an integral part in the health cover to pay for the deductibles called the high deductible health plan (HDHP).
With a HDHP, one can save good money on the monthly premiums. It is valid for those seniors whose health is relatively reasonable but needs to be covered in the event of emergencies and urgent health care.
With the MSA Medicare Advantage Plan, HDHP is combined with your bank account, and the insurance company deposits money there for paying deductibles to the health insurance companies that you decide to work with. The deposits are tax-free, and they are meant to be spent only by the approved Medicare service providers.
Frequently Asked Questions
What does Medicare Advantage Cover?
Medicare Advantage plan covers those costs under Original Medicare, and private insurance companies cover them. These plans are combined to form one single plan and offer comprehensive coverage to the seniors. They also provide extra benefits, such as gym membership.
Who is eligible for Medicare Advantage?
Any senior in the U.S who has attained the age of 65 and has the original Medicare is eligible for Advantage plan.
How do I find a Medicare Plan in my Area?
The official Medicare website has all the information relating to Medicare Advantage plans and the coverage. It also has a list of the insurance that offer this plan with their prices and availability. You only need to use our search tool and look for those plans that are available in the area where you live. Our Website will also help you make comparisons of all the companies providing the plan to make an informed decision.