THE PROS AND CONS OF HAVING A MEDICARE ADVANTAGE PLAN

Medical gaslighting warning signs and how to advocate for yourselfHaving a Medicare is essential because of the benefits you will get once you reach a certain age of 65 and over. Most senior citizens will enjoy all the hospital and medical care they need if they apply for Medicare. Hence the government would really require acquiring such since it’s for your own security relating to your health wellness. 

There are two ways of Medicare that are offered to the public, Original Medicare and Medicare Advantage plans. The original Medicare would give you the benefits of both hospital and medical coverage while the Medicare Advantage plans provide more than those benefits. These plans’ network cover not only Part A and Part B of Medicare but as well as Part D (drug prescription coverage) and vision, hearing, dental and health wellness programs.

Knowing its benefits, it is also important to know and understand more about these plans, its advantages as well as disadvantages so that you’re already aware prior to your application of this plan. Below are the list of its pros and cons that you must consider:

 

Pros of Medicare Advantage Plan

  • Medicare Advantage plans cover both Part A (Hospital Insurance) and Part B (Medical Insurance).
  • Not only it offers both parts in Medicare but as well as drug prescription coverage (Part D) and even for vision, routine hearing services, dental, membership health wellness programs and more.
  • Most plans may have deductibles on your out of pocket costs.
  • Offers coinsurance or copayments.
  • With regards to premiums, most plans have premium of as low as $0 but you still need to pay the Medicare Part B’s monthly premium.
  • If you reach the limit on your out of pocket cost spending, these plans may pay your remaining or excess balance.
  • If your doctor or health care institution will leave the network, you will be informed right away for you to choose another physician that also participates in the coverage.

However, these advantages will vary depending on the medicare plan since there are a lot of plans to choose to.

 

Cons of Medicare Advantage plans

Although there are a lot of benefits offered by these plans, there are still disadvantages that you must be aware of:

  • These plans limit your freedom of choice since you are only allowed to see a doctor or health care centers that are under the network’s coverage. However, there are some plans that allows you otherwise but will charge you more.
  • You will have to abide its rules if you want to enjoy the benefits at lower costs.
  • Most of these plans require that you must reside within the plan’s service area for at least 6 months of the year unless in cases when you need an urgent need for medication outside the country.
  • Some services or procedures might need a referral or plan authorization.
  • Supplemental coverage is not available.

 

It is important to have a keen knowledge about all the benefits and downturns you might get since it is for your own security. At the end of the day, it is still your choice as to which plan suits you the most.