Medicare Advantage Plans 2023
A survey held in September 2022 showed that over half of the respondents are either planning to buy a new Medicare plan or change their present Medicare plan in the yearly Enrollment Period.
This shows that people are still not thorough with Medicare Advantage plans.
Without ample research, you cannot determine which Medicare Advantage plans for 2023 are good for you.
Another survey showed that over 27 percent of the respondents don’t have the suitable information to choose the right Medicare Advantage plan.
And this is where we can help!
As you look for the Medicare Advantage plans for 2023, you should know what the respondents had to say.
It’ll help you with all the information you need to make a better financial decision. And to provide you with this information, we have conducted in-depth research.
An estimate from the KFF said that in the year 2023, a Medicare beneficiary could select from about 28 separate Medicare Advantage plans from 7 different companies.
Now, that is a lot of options which makes deciding even harder. So, to narrow the options & choosing the best plans, we have created a team to ask the below questions: –
- Which companies offer extra benefits?
You can choose from a range of Medicare Advantage Plans and the companies offering the same.
One thing that makes a choice is the number or quality of benefits they offer. Over 23% of the total Medicare enrollees who want to change their plans are more comprehensive benefits like gym memberships, grocery delivery, etc.
The survey respondents of Medicare Advantage described the below benefits as important: –
- Routine Dental vision and hearing care
- Prescription Drug Coverage
- Transportation to medical appointments
- Gym Memberships or/and exercise classes
- In-home care
- Meal Assistance programs
- Short Term Residential facilities
- Holistic alternative medical treatment
- Adult Day Care services
For deeper insights, you can find a breakdown of benefits a Medicare Advantage plan member can choose from depending on the availability of the plans: –
- In-home support (54%)
- Dental (97%)
- Fitness (97%)
- Meals (96%)
- Assistance for caregivers (12%)
- Vision (97%)
- Bathroom safety (49%)
- Hearing (97%)
- Transportation help (92%)
- Which companies feature the largest coverage area?
This question ensures that there’s a decent coverage area for you regardless of where you’re living.
- Which companies offer the best prices and price stability?
For all adults eligible for Medicare, healthcare costs are the 2nd highest in their class of expenses. So, it is important to compare or check the rates. Also, the prices depend on your health condition, age, year of enrollment, etc. And to make sure that you find the most affordable plans, we bought hundreds of different plans in different locations in the country.
Our experts also analyzed the financial rating along with the loss ratio. It directly impacts your policy’s rate, and the probability of that rate increases in the future.
- Which companies provide good customer service?
You’ll obviously have to connect with your insurer for something or the other. To make sure that you get a polite and prompt response, we check for the companies with the best customer service.
- Which companies offer a simple quote process?
Comparing the process should be an easy job. It’s the reason our company focuses on recommending the companies that offer a transparent and simple way for comparing the prices.
We have a dedicated team who spent around 119 hours finding detailed answers to the above questions. So that you get the best plan, we also: –
- Thoroughly explored the enrollment processes for hundreds of different plans presented by 15 insurance providers.
- Interviewed members of Medicare
- Performed a survey on over one thousand beneficiaries eligible for Medicare
- Spoke to Medicare Agents
- Went through 442 customer reviews
- Verified the Better Business Bureau ranking for every company
- Verified the Financial health of every company using A.M. Best
- Validated our research findings with reputed reports from the following organizations:
- Consumer Affairs
Are Medicare Advantage plans for 2023 Suitable for You?
It is essential to know the major differences between Medicare Advantage, Medicare Supplement, & Original Medicare before enrolling in any plan.
Both Part B and Part A come under the Original Medicare.
Part A covers: –
- Hospice care
- Inpatient services
- Nursing facility expenses
Part B covers: –
- Particular doctors’ services
- Expenses related to preventative care
- Outpatient care
- Medical supplies
However, you should know that Original Medicare never pays for prescriptive drugs. 69% of the total people who polled said they’re either enrolled in an Advantage plan or want to switch to the same from their original plan.
Nearly 45% of the users are still unaware of the fact that Medicare Advantage can replace the Original Medicare plan and offer extra coverage.
The Advantage plans that the private companies offer mandatorily cover the benefits of Original Medicare. The Medicare Advantage plans bring along the below extra benefits: –
- Hearing services
- Coverage for prescription drug
- Vison care & dental services
Medicare Supplement Plans for 2023
These plans are also called Medigap. These plans are the supplement plans that cover you for the expenses that Original Medicare doesn’t. It kind of fills gaps in the Original Medicare plan.
Medigap plans are offered by private insurance providers and can be clubbed with your Medicare plan. However, most Medicare supplement plans usually don’t cover expenses incurred during: –
- Vision or dental care
- Purchase of hearing aids and eyeglasses
- Purchase of prescription drugs.
For drug coverage for prescription drugs, you’ll have to register for a stand-alone plan known as Medicare Part D.
How can you select Between a Supplement, Medicare Plan, or Medicare Advantage?
A Medicare Supplement or a Medicare Advantage plan can effectively reduce the costs that come with Medicare. You can answer the below questions to find which plan is suitable for you: –
- Do you have extra coverage, like vision, hearing, and dental, or do you want them in your Medicare?
- Do you want coverage for prescription drugs along with your plan? What type of coverage for prescription drugs are you looking for?
- Would you split your time between 2 or more houses located in different locations?
- Do you want to select any doctor within the USA for your medical care?
Make sure to know that you cannot register for a Medicare Supplement and Medicare advantage plan simultaneously.
Best Medicare Advantage Plans 2023
Here are 4 Medicare Advantage plan types: –
- HMOs – For these plan types, you can get medical assistance from a particular range of doctors or specialists available in the network.
- PPOs – You can choose a doctor or medical facility outside the network. Also, you don’t need a referral to see an expert.
- PFFS – With this plan type, you can get assistance from approved doctors if he accepts your insurance plan and is ready to deal with you.
- SNPs – These plans offer benefits similar to other Medicare Advantage Plans. But these plans are specially created for people suffering from special medical conditions like as cancer or heart failure.
Usually, medical care is available within the network unless some special circumstance comes to play. Out-of-network dialysis being a common example. And if you need it, you’ll get a doctor for assistance.
The Kaiser Research Foundation found that Medicare Advantage members in 2020 had a limit of $4,925 for all services out of the network with PPOs and HMOs. For all HMO plans that don’t cover out-of-network expenses, the average limit for out-of-pocket expenses is $4,486. The average out-of-network expenses for PPOs is far more, i.e., $8,828.
The local or regional PPO member’s out-of-pocket limit for in-network expenses is $8,795 and expenses incurred out of the network is $9,010.
How to select the Best Medicare Advantage Plans for 2023
While looking for the most suitable Medicare Advantage plan, you should have the following things in mind: –
- Check for the Medicare Advantage plans that are available where you live. The pricing of the plans can vary with zip code. So, keep this in mind.
- Find which plan type your plan falls in. Common types are HMO, PPO, PFFS, and SNP.
- Check whether your care doctor is available within the network. This will save you money in copays.
- Check for the benefits a plan offers. But choose the plan that offers benefits you can really use.
- Make sure to compare coinsurance, copays, and maximum out-of-pocket costs.
Also, when you’re comparing the coverage your plan offers, make sure to check the below: –
- The annual deductible amount for different medical service
- Monthly premium amount
- The annual deductible amount for drug coverage
While looking for Medicare Advantage plans for 2023, make sure to check the premium amount. Medicare Advantage plans offer a $0 premium, and some do not have a deductible too. The motive is to find a plan with an affordable premium amount that you can pay easily. If you do not have to fulfill a deductible and can enjoy coverage from the first day, and it’s nothing like it.