How Can I Choose The Best Medicare Advantage Plan For Me?

Medicare Advantage, or Medicare part C, plans are a go-to for a lot of people for Medicare. There are lots of options with this type of coverage, there’s only one monthly premium, and can be easier to keep track of. Before you decide, you need to have all the information going into your Advantage plan search.

Available Medicare Advantage Plans

There are several different types of Medicare Advantage plans. There are pros and cons to each of the categories, as well as different individual plan options. Let’s go through the five types of plans:

  1. Health Maintenance Organization (HMO)s: Focused on in-network healthcare services.

A network is a group of providers who contract to provide services for the specific insurance company/plan.

  1. Preferred Provider Organization (PPO)s: Provide more options to receive out-of-network care, but charge different rates depending on whether it is in or out of network.
  2. Private Fee-For-Service (PFFS)s: Allow you to get care from any approved provider who accepts the terms from your plan – not confined to a network. 
  3. Special Needs Plans (SNP)s: Offer additional help for specific chronic conditions.
  4. Medicare Savings Account (MSA)s: Combine your health plan with a medical savings account through a high deductible.

Factors To Consider

When you first start looking for your Medicare Advantage plan, having priority lists and notes to reference is key. Write out a list of your top needs in terms of coverage, and then rank those by what is negotiable and what isn’t. Next, write out your budget including monthly premiums, yearly costs, deductibles, copays, and coinsurances. Also, if you have any existing insurance that you want to work alongside Medicare, have that information on hand to avoid overlap on coverage. 

Once you have those priorities ready, you can go into your search with a direction to start in. A great resource to use at the beginning or end of your Advantage plan research is the Centers for Medicare and Medicaid Services (CMS) ratings. These reviews are updated and released every year, and can help narrow down even more your options by what they offer along with how they work for people.

When To Sign Up

The best time to sign up for Medicare Advantage is during your Initial Enrollment Period. This is the 3 months before and after your 65th birthday month, when you first become eligible for Medicare. You can also enroll in Medicare Advantage during the Annual Enrollment Period, which is October 15th through December 7th every year. This is the time that includes, adding, dropping, and switching Medicare Advantage plans.

Find Your Coverage Today

We want to help you find the plan that works for you and ensure you get it as soon as possible. Finding the right Medicare Advantage plan can be the best Medicare decision for you. Let us help make this process easier and call ReLion Insurance Solutions at 858-999-2858.