What is Medicare Advantage?
Medicare Advantage covers everything that Medicare Parts A and B do. In some cases, you can include Part D coverage with your Part C plan.
These plans may also include additional benefits not typically covered under Medicare Parts A and B. The extra benefits can include but are not limited to vision, hearing, and dental coverage.
How Much Does Medicare Advantage Cost?
There are several Medicare Advantage plans to choose from, which vary both in coverage and cost. Each plan offers coverage for different types of medications. The cost of premiums will vary depending on what you need to be covered under your chosen plan. Plans may also vary depending on your location. Many Medicare Advantage plans will have a $0 monthly premium, but the average premium in 2022 sits at $19 per month1.
While the process of choosing the right plan for you may be confusing, at Capital A Wealth Management, we are here to help.
Who is Eligible for Medicare Advantage?
To be eligible for Medicare Advantage plans, or Medicare Part C, you must first be enrolled in Medicare Parts A and B. Your location will likely determine which Medicare Advantage plans are available for you to choose from.
Benefits of Medicare Advantage
Medicare Advantage plans come with many benefits. Not only do they cover the benefits of Medicare Parts A and B, but you have the option to tailor your coverage to meet your healthcare needs with added benefits.
Having a Medicare Advantage plan also streamlines your insurance experience. Instead of having multiple insurance plans, all the benefits are consolidated under a single plan. This is not the case with Medicare Parts A and B.
Cons of Medicare Advantage
Even though there are many benefits associated with Medicare Advantage, there are other aspects of these plans to consider to determine whether this is the right option for you. Having a Medicare Advantage plan may limit your physician options as some plans will require that you use their in-network providers. This is not the case for all Medicare Advantage plans.
Another consideration to have is that opting for more benefits under a Medicare Advantage plan may increase your out-of-pocket costs. This will depend on whether you opt for other coverage areas, like vision or prescription drugs, for example.
Disclosure: Our firm is not permitted to offer and no statement made during this presentation shall constitute tax or legal advice. Our firm is not affiliated with or endorsed by the U.S. Government or any governmental agency.
Get Help Choosing the Right Plan for You
Capital A Wealth Management can help you decipher and compare each Medicare Advantage plan for you. With several options to choose from, let us help you find the best plan for your lifestyle and healthcare needs. Give us a call at 724-658-4211 to discuss your options.
