How to Find the Best Medicare Advantage Plans in 2021

Choosing the right Medicare Advantage Plan varies based on your medical needs, personal situation, finances, and other factors. Here are three steps to help you find the best Medicare Advantage Plans for you in 2021.

1. Evaluate All of the Plan Options at Your Disposal

Medicare Advantage Plans fall into the following categories:

  • Health Maintenance Organization (HMO): Requires you to get medical care and services from in-network providers, with the exception of emergency care and out-of-area urgent care or dialysis. In addition to an HMO plan, you may qualify for an HMO with a Point-of-Service HMOPOS option; this consists of an HMO plan that allows you to purchase certain out-of-network medical services for a higher cost.
  • Preferred Provider Organization (PPO): Offers access to in-network doctors, healthcare providers, and hospitals. With a PPO plan, you can get medical care and services from out-of-network doctors, healthcare providers, and hospitals. However, you may need to pay more for out-of-network care and services.
  • Private Fee-for-Service (PFFS): Provides coverage via a private insurance company. In a PFFS plan, the amount you pay doctors, healthcare providers, and hospitals and how much you pay when you get care varies.
  • Special Needs: Delivers medical benefits specific to people with certain diseases or characteristics.
  • Medical Savings Account (MSA): Combines a high-deductible insurance plan with an MSA you can use to cover your healthcare expenses.

Comparing which plans you qualify for as well as the premiums, deductibles and potential out-of-pocket costs associated with each option is key to finding the best plan for you.

2. Determine Your Plan Requirements

Consider the following criteria to narrow your search for the best Medicare Advantage Plan:

  • Budget: Figure out how much you can spend on a Medicare Advantage Plan to get your required medical care and services.
  • Coverage: Find out if a Medicare Advantage Plan offers in-network coverage for any doctors or other healthcare providers you currently see or medications you currently take. Also, look at whether a Medicare Advantage Plan includes supplemental coverage for dental care, medical transportation, or other medical care and services.
  • Centers for Medicare & Medicaid Services (CMS) Rating: Use CMS's Five-Star Quality Rating System to measure the quality of health and drug services provided under a Medicare Advantage Plan. 

You can view Medicare Advantage Plans in your area on the Medicare website. Here, you can see which Medicare Advantage Plan aligns with your needs. 

3. Assess All Plan Costs

Use the Medicare Find a Plan tool to compare the costs of different Medicare Advantage Plans. This tool lets you assess the following Medicare Advantage Plan cost information:

  • Monthly premiums
  • In-network annual deductibles
  • Drug deductibles
  • In- and out-of-network out-of-pocket maximum amounts
  • Copays and coinsurance

The aforementioned costs vary based on where you live, the plan type, and the benefits included in your plan. Remember that any premiums will be on top of the Part B premium, which still applies to all Medicare Advantage Plans.

A Medicare Advantage Plan can provide a viable alternative to Original Medicare. Many Medicare Advantage Plans charge no additional premium on top of the Original Medicare Plan B premium, and can provide additional benefits such as out-of-pocket annual maximums and supplemental coverage that lower your total healthcare expenses.

Source: iQuanti, Inc.

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Categories: Healthcare Insurance

Tags: healthcare, healthcare insurance, medicare, medicare advantage plan