Best Medicare Advantage Plans 2022
Medicare Part C (Medicare Advantage) is an amazing insurance option meant for Medicare enrollees.
Every year, private insurers either come up with new plans or amend their existing plans within the regions they serve.
Plans like PPO and HMO offer regional coverage and are devoid of nationwide coverage.
If you’re looking for the Best Medicare Advantage plans 2022, read along. The below information is all you need to know before making a choice.
Those who select Advantage plans over the Original Medicate do so as the benefits are better.
Choosing private insurers gives you better services and benefits such as coverage for vision, dental and hearing checkups.
How do Medicare Advantage plans Work?
When someone registers with an Advantage plan, the plan makes sure that the enrollee is covered for his healthcare expenses.
After registration, the CMS ceases to be the primary payor for the enrollee’s medical care.
Also, the rules of Part B and Part A cease to apply.
When you compare different plans, you should be aware of one thing:
Every advantage plan should offer at least the benefits people get with Parts B and Medicare. However, how the benefits are offered is not set.
For example, Medicare Parts B and A are fee-for-service coverage. Medicare, in this case, pays around 80% of the expenses incurred by the enrollees.
And the remaining amount is to be paid by the enrollee as out-of-pocket expenses or with the help of Medigap plans.
However, people who are registered with Medicare only pay copayments and monthly premiums for whatever medical services they use.
Depending on what services enrollees use, they’ll be liable to pay either less or more than 20%.
What coverage do Medicare advantage plans offer?
You must know about the coverage the Advantage plan offers while comparing. Fortunately, all Advantage Plans mandatorily offer or cover your inpatient and outpatient expenses as Medicare Parts B and A does.
However, the Advantage plans are not obligated to offer you coverage for Part B and A as the Original Medicare does.
The Advantage plans can set their unique deductibles, coinsurance, copayments. Also, private insurers can limit the services that are offered to the customers.
For example, some advantage plans require you to take a referral from the primary doctor to see any specialist. But Advantage plans offer amazing additional benefits like routine vision, dental or hearing checkups which aren’t offered by Original Medicare.
Are Some Advantage Plans Free?
You must have come across those $0 monthly premium Advantage plans. Unfortunately, this never means that they are available for free. The Part B premium actually covers the plans that you see with a $0 premium.
There are some plans which offer extra benefits but aren’t covered by the premium of Part B. In such situations, the enrollee has to pay an extra monthly premium.
Best Medicare Advantage plans 2022
All Medicare plans are different, which means every plan cannot suit everyone’s needs.
The best way to find which plan works for you the best is by determining your medical or financial needs.
You may find some Advantage plans that offer amazing benefits and that too at affordable prices.
For example, the Advantage plans seem to be great for the people who are enrolled with retiree benefits and get assistance from the same in paying the deductibles and copayments.
It is also true for the eligible people for Medicaid and Medicare living in counties where they can enjoy the SNP-D plans.
But if you’re aren’t getting any assistance from your state or a former employer, the better option for you will be Original Medicare.
You may get amazing additional benefits with Advantage plans, but you might end up paying way more than what you would for the Original Medicare.
How To Find Best Medicare Advantage Plans 2022?
Almost all seniors are curious to know who offers the best Medicare Advantage Plans in 2022? Who has the best-rated Advantage plans in the market? However, the answer to the above questions is quite uncertain.
Finding the right Advantage plan requires some decent research.
You need to know that the Advantage plans are not national; they’re regional. It means if your friend has enrolled in an Advantage plan in some other state, it might not be a reliable option for you where you presently live.
Advantages & Disadvantages of Advantage Plans
The advantages of Medicare Advantage plans are easily visible. For example, you would know that it offers additional benefits as compared to the Original Medicare. But what about the disadvantages? If you want to find the disadvantages, read along.
Here are some potential disadvantages of Advantage Plans:
- Private companies offering the Part C plan plans mostly use the coverage network or network providers to offer coverage in a particular area. So, you need to stay within the provider’s network if you want to enjoy the coverage from the insurance provider.
- Some of the PPO and almost all HMO plans require you to take a referral from a primary doctor if you need to visit a specialist.
- The Advantage plans come with coinsurance and copays whenever the enrollee avail of any services. Even though Medicare plans have coinsurance but it still costs less than the Advantage plans.
How is Medicare Supplement different from Medicare Advantage?
Whenever you’re comparing the Original Medicare with Advantage plans, you should always look at solid facts. Most expenses or healthcare services that the Original Medicare covers for you are quite expensive.
It’s the reason why you should check that the services are covered at affordable prices.
The major difference between the Original Medicare + Medigap and Advantage Plans is the time when you pay for these plans.
If you’re enrolled in an Advantage plan, you mostly pay the expenses at the time of availing of the services.
It’s due to this reason sometimes, and you might have to pay a high amount for inpatient costs. Also, the copays can add quickly.
However, when you’re registered with the Original Medicare, most of your expenses are paid via monthly premiums upfront.
This way, you can easily manage and plan your medical costs.
What is the cost of Advantage Plans?
Several seniors register for Advantage Plans because of the cost benefits. Such cost benefits usually come from former employers, Medicaid, or other benefits which come along with a plan. There’s a well-known myth that Advantage Plans are cheaper than the Original Medicare plans.
However, the truth is that inpatient costs usually cost more when clubbed with an Advantage plan making it costlier than Original Medicare.
It is the reason you should always examine costs whenever you avail of medical services.
There’s a summary related to every plan, which includes the benefits and detailed information about all the costs.
When can you register for an Advantage Plan?
When it comes to enrolling in an Advantage plan or Part D from Medicare, you need to wait for the AEP or IEP. This is what makes these plans different from Medigap plans, wherein you can register any time you feel right. You should know when the AEP or IEP falls so as to never miss the opportunity to sign up.
The AEP of the Annual election Period comes at the same time each year which starts on October 15th and ends on December 7th. The Annual Enrollment Period allows you to de-register from your Medicare Advantage plan. You can also enroll in a new plan during this period. If it’s the first time you’re comparing plans, you’ll come across various tools that can help you make a better decision.
You should know that AEP is not the only period you can leverage. There also exists an IEP. The IEP comes when you initially qualify or become eligible for Medicare. The Initial Enrollment Period will come once you turn 65, in most cases. It’s the same period during which people suffering from ESRD can register for Advantage plans too.
The Initial Enrollment Period extends for seven months. It includes three months before your birthday month, your birthday month, and three months after your birthday month. Most of the time, you’ll get a reminder for the same form SSO.
Let’s say you’re eligible for an Advantage plan before 65 because of a disability. In this case, you can register for a Drug Plan or Advantage plan after 21 months of you getting Social Security. In a nutshell, the coverage will start around 24 after getting Social Security.
Are Advantage plans Genuinely an Advantage?
As you have read this far, the above question might be disturbing you. Here are the people who can truly benefit from enrolling in Medicare Advantage: –
- Individuals who enjoy retiree benefits and use them to pay for copays, deductibles, and premiums
- Individuals who are eligible for Medicare Advantage SNPs.
- Individuals who stay healthy all year long and use healthcare services quite less
- Individuals who cannot register for a supplement plan because of chronic disorders.
If you’re falling into any of the above-listed categories, you can genuinely benefit from Advantage Plans.
How can you Compare Advantage Plans?
A slight disadvantage of Advantage plans is that it’s hard to compare them. Also, you need to compare these plans each year. On the other hand, the Medicare plans that come with supplemental benefits are way easier to compare.
Here are a few essential things you need to be aware of before choosing the Best Medicare Advantage plans 2022:
- Coinsurance and Copayments: It’s a part of the total medical expense incurred that you have to pay as the insurer pays the rest. Usually, such information is available in the Summary of benefits documents.
- MOOP or Maximum out of pocket Expenses: It’s the maximum amount that will go out of your pocket to pay for copays and coinsurance at least a year before the plan covers 100 percent of the cost. It never includes the prescription drug costs or monthly premiums.
- Monthly Premium: Once you register for an Advantage plan, you’ll have to pay for the premium that comes with the plan along with the premium for Part B. You’ll find plans with a $0 premium in which the Part B premium covers all the costs.
- Star Rating: Every year CMS, using the 5-star rating system, grades the Medicare plans. Using these star ratings, you can choose the right plan.
Types of Advantage Plans
Here are the types of Advantage plans for you to choose from: –
HMO: The HMO plans bring along a set network of hospitals, doctors, and medical facilities that can cover your expenses.
PPO: PPO plans also bring along a network similar to the HMO plans. However, you’ll have to pay less if you stay within the provider coverage network. You can also get coverage outside the network, unlike HMO. However, this plan will cost you more.
HMO-POS: With this plan type, you get the option to visit out-of-network facilities for medical care. However, you will have to pay some more money for these plans. You’ll have to pay for separate deductibles for POS and HMO portions of this plan.
It means you need to pay the HMO deductible for the services you receive within the network, and for the services you enjoy outside the network, you need to pay the POS deductible.
Cost: These plan types are available in a handful of areas within the country. You can register for this plan even if you’re registered only with Part B of Medicare. If you’re registered in Part A and Part A and visit a provider outside the network, the Original Medicare plan will cover the expenses. For the drug coverage, you can either opt for Part D or can use this plan.
PFFS: The PFFS may sound like the Original Medicare plan, but it is not. It’s the plan that decides how much will be paid to the hospitals, healthcare providers and the amount you have to pay when you visit a facility. You can visit any medical facility or doctor who accepts your plans and is ready to treat you.
MSA: The MSA plans are a combination of a medical account and a plan with a high deductible to help you cover your maximum healthcare expenses.
SNP: This plan is meant for individuals who are suffering from special financial or health needs.
What are the additional plan benefits that surpass Original Medicare?
The Original Medicare Plan was crafted to offer coverage for significant medical services. Fortunately, Advantage plans also offer these benefits, but they’re allowed to offer more benefits too along with their plan.
One of the top benefits is the coverage for prescription drugs. Also, there are several plans that offer amazing benefits, such as coverage for vision, hearing, and dental care.
Another extra benefit that comes along with basic care is expanded Telehealth. This feature or benefit allows individuals to enjoy care or diagnosis from the comfort of their homes. If you do not feel like leaving your home, this benefit can help you.
Access to an Insurance Agent
We’re available to help you find the best Medicare advantage plan to fit your needs. Our licensed agents are experienced in both Medicare/Medigap, as well as Medicare advantage plans. With your choice of the top carriers, we’ve got an option for everyone!
To begin, click the “VIEW PLANS” button above, or call us now at 1-877-517-4661.
FAQs About Advantage Plans
What are the Disadvantages of Advantage Plans?
The majority of Advantage plans are HMOs or coordinated care plans. It means the care or coverage that you get comes from a primary care doctor. It’s the primary care doctor whose referral you need if you want to see a specialist, need medical supplies, etc. And this is what acts as the major disadvantage of the Medicare Advantage Plans.
Are Advantage Plans bad?
MA or Medicare Advantage is private insurance meant for Medicare enrollees. It may be a reliable option for some individuals, but it’s not meant for everyone out there. These plans are quite good for the seniors who stay healthy and enjoy retiree benefits, pay, or benefits like the VA.
However, for people suffering from chronic diseases who do not have retiree benefits, the Advantage plans can sound costlier than Original Medicare. Here are some reasons why Advantage plans are bad.
Which is best, Medicare Advantage or Medigap?
The majority of experts think that Medigap plans that offer supplemental coverage and Original Medicare offer the best coverage. However, not everyone is capable of affording Medigap plans this comprehensive. It’s because, in some states, the coverage is very expensive, which means not everyone will get approval.
And in such situations, Advantage plans come out as a better option as compared to Original Medicare.
Call us today to get helping to find the Best Medicare Advantage plan for you!