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Private Medicare Advantage plans can be a good deal for seniors looking for all-in-one medical and drug coverage. There are three types of policies -- Medicare HMOs, which charge the lowest premiums but impose the most restrictions on which doctors and hospitals you can use; regional preferred-provider organizations, which offer discounts if you use in-network doctors and hospitals; and private fee-for-service plans, which let you use any doctor or hospital that accepts the plan’s terms.
Medicare Advantage plans may charge lower premiums than you’d pay for Medicare plus a medigap policy and Part D prescription-drug coverage. But you could end up paying higher out-of-pocket costs throughout the year.
Some Medicare Advantage plans charge higher co-payments for big-ticket items such as hospitalization, or for critical services such as chemotherapy. Or they might not pay for the first 20 days in a skilled-nursing facility (which traditional Medicare covers). In addition, a plan may provide limited coverage if you travel out of state.
Instead of simply responding to a sales pitch from an insurance agent or to an ad, check all of the Medicare options in your area. Compare plans using the Medicare Options Compare tool at Medicare.gov/mppf, looking at both premiums and total estimated costs for people like yourself.
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POSTED BY: Vernon Wilmer (January 24, 2008 12:30 PM)
"Private Medicare Advantage plans can be a good deal for seniors looking for all-in-one medical and drug coverage". This is not true for seniors living on fixed incomes. I just finished getting my mother back on regular Medicare after she learned thru experience she could not afford these "advantages". This article also suggests several ways seniors can check out these plans online, to a senior population that is largely computer challenged and has difficulty reading the fine print. These plans are marketed with no clear statements about replacing Medicare with their plan or that costs may be higher or that the medigap insurance coverage doesn't work with these plans.
POSTED BY: Janie (January 31, 2008 08:35 AM)
I wish your article on Medicare Advantage- Fee for Service Plans was published a month earlier. I have just been made aware that my husband (is) suffering from early signs of dementia...I am currently trying to get him back on traditional medicare. Thanks for suggesting help for this situation...
