Do you like to go shopping in several different stores? If you do you might be interest in Medicare Advantage, an alternative to Original Medicare. Medicare Advantage plan, which private insurance companies offer and are usually Preferred Provider Organizations or Health Maintenance Organizations.
These plans combine prescription drug coverage, medical and hospital insurance into one package. Many of these Medicare Advantage plans will include extras such as dental, hearing and vision coverage.
It was not that long ago that people thought Medicare Advantage looked like it was headed for the ER. The Medicare Advantage plans are predicted to lose a big chuck of their government funding by 2022, which is about $156 billion, which is the result of the Affordable Care Act. Many people have voices concerns over if this will reduce benefits, raise prices, or if some insurance companies will leave the marketplace.
However; the market has remained stable and enrollment is said to be growing and even hitting an enrollment of about16 million this year. Nearly one-third of Medicare enrollees are enrolled in Medicare Advantage.
Medicare Advantage continues to be an attractive and reliable market, especially for the younger enrollees of Medicare, which are accustomed to networks as well as private health insurance. Premiums have stayed low with the average monthly cost expected to increase in 2018, by $2.94 to $33.90.
You might think this means you should switch to a Medicare Advantage plan. Before you make a decision you should understand the advantages and disadvantages of Medicare Advantage plans.
One advantage of switching to Medicare Advantage is that it can be less expensive than what you would be paying if you were enrolled in original Medicare and have filled in the gaps in coverage with Medigap plan or with a Part D plan.
One disadvantage is that the enrollee will be restricted to networks of hospitals and doctors. This is something you should consider if you become sick or you want freedom when it comes to selecting hospitals or healthcare providers.
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