How much will you pay for your medical insurance? Let’s take some time to look at 2018 Medicare Advantage costs and help you figure it if these plans are something you can afford and if they will save you money on medical care.
That’s why anyone should even consider insurance- because it saves them money. If your insurance costs more than it would be for you to pay out of your own pockets, then you shouldn’t be signing up for it. So, you’ll have to examine what the insurance covers for you and compare the coverage to what you are paying for medical care right now. In order to do that, you need to know what the insurance plan that you are interested in signing up for covers.
What Advantage Plans Cover
If you were to sign up for an Medicare Advantage plan, then you can count on getting a certain amount of coverage. You can expect to be covered for all of Medicare Part A and all of Part B. You will also be covered for all emergency care and urgent care services provided by healthcare providers in your area. This is the basic coverage you are promised with Medicare Advantage plans.
On top of that, many insurance companies offer even more coverage for Medicare Advantage. They provide coverage for Medicare Part D, most commonly, which takes care of a lot of your prescription drug expenses. They may also provide coverage for annual checkups for your eyes, ears, heart, etc. These are just a few of the additional coverage items you can get with certain Advantage plans. You want to choose the one that covers you the best.
The amount of coverage you get does determine how much the plan costs. So, if you get an Advantage plan with just the basic coverage for Medicare Part A and Part B and emergency care, then that will cost you much less than one that has all that, plus coverage for Medicare Part D and annual checkups.
Network Options and Cost
You also have network options to pick from with Advantage plans. The two primary network plan types are HMO and PPO plans. Let’s compare these so you know how their costs stack up and which one might be right for you.
The HMO plan is the cheaper one, every single time. You may be able to pick from an HMO or a PPO plan at most insurance companies that sell the Advantage plans, but the HMO will always be the less expensive option. It covers you in full if you go to a medical care facility that is on the insurance company’s network. Going off the network for your care results in no coverage whatsoever.
The PPO plan is more generous, but costs more. It covers you in full at network facilities, but covers you partially if you go off the network or care. That’s important to know when you compare 2018 Medicare Advantage costs.
You may pay more upfront for the PPO plan, but if you only have off network facilities near you, it can be the cheaper plan overall.
There are additional network plan options available at some insurance companies, but you likely won’t be eligible for some or any of them. Most of the others are reserved for people it special needs or those which fall under special classification.
Saving on Advantage Plan Costs
You don’t have to pay some of the high prices you see for Advantage plans. Yes, they are more expensive than the basic Medicare coverage plan as well as most Medicare Supplement plans, but they are often competitively priced. That means that there may be a few different insurance companies offering the Advantage plan you are looking for in your area. They will be competing with one another, so if you compare their prices against one another, you can find the cheapest one and save some money.
Just make sure that you look carefully at the provided coverage. It can change from one insurance company to the next and from one year to the next. Rates can change every so often as well, so ensure that your information is accurate and up to date.
In order to get the best deal and the most suitable coverage, you ought to look at your coverage needs. Examine how much you are paying for medical care each year and how much you expect to pay in the next year so. Identify the medical expenses you pay several times a year as well as the ones that are very expensive. Try to get a plan that covers those for you, as they are the hardest for you to pay on your own. You don’t have to have all medical expenses covered under the insurance plan you choose, though. Focus on the big expenses and the frequent ones and you can probably pay the rest on your own and save money that way.
We suggest looking at a few different Advantage plans from a few different insurance companies. Compare the coverage and pricing differences to find the one that’s right for you. Take your time, and choose one that you can afford and that will make your medical care more affordable.
You also want to be careful about choosing the right network option. You can save money right off the bat by picking an HMO plan, but that may not be the best choice if there are limited on-network medical facilities near you. That means you need to be careful about which insurance company you choose. The bigger, more well-known companies tend to have larger networks, but it always pays to ensure that the hospital nearest you and the doctor’s offices that you like to visit are going to be covered by the insurance company you choose.