There are plenty of reasons why someone may want to enroll in Medicare Advantage, but some reasons not to as well. It all depends on your needs and coverage goals.
Pros of Medicare Advantage
Why do more than 40% of Medicare beneficiaries have Medicare Advantage? First, it’s cost—Medicare Advantage plans are very affordable as some have $0 premiums. There are plenty of options out there to fit your budget.
Another benefit, then, is options. There are multiple types of Medicare Advantage plans, each ranging in coverage and how they will meet your specific needs. In fact, unlike Original Medicare alone, Medicare Advantage may offer some extra benefits. One of the main perks is prescription drug coverage, which is offered with many Advantage plans. Others may include home equipment and modifications, transportation, personal care services, and some limited dental, vision, and hearing.
You can also enroll in Medicare after becoming eligible without facing a late enrollment penalty. And, if you find a better plan, Medicare Advantage or otherwise, that works better for you, you can switch plans during the Annual Enrollment Period (AEP).
Cons of Medicare Advantage
With all of its positives, Medicare Advantage has a few drawbacks as well. One of the main difficulties individuals face is dental, vision, and hearing coverage. We mentioned that it might include coverage for these services, but the coverage is limited. Just be aware of this when looking for Advantage plans, and ensure that you go over the plan’s details to know what coverage you will receive.
Some people may also struggle with the care network of Medicare Advantage plans. One of the most common Advantage plans, Health Maintenance Organization (HMO), is very inexpensive but has a small network of accepted healthcare providers and locations. They also require their plan members to have a primary care doctor.
All things considered, Medicare Advantage plans are a great option for quite a number of people. Whether or not the pros outweigh the cons is up to you.
Make an Informed Decision with Peritia Advisors
We can help you find your best coverage without any leftover question marks. To learn more, call Peritia Advisors at (319) 841-2010.
