Medicare Advantage Plans are one of the two major sources of Medicare, the other being Original Medicare. Original Medicare is run by the government, while Medicare Advantage plans are run by private insurance providers who have been approved by and under contract with Medicare. There are significant differences in some Medicare Advantage plans from Original Medicare plans, which may benefit some individuals and not others.
Everyone is different, especially so when it comes to their Medicare needs. Everyone has a different health situation, a different financial situation, and a different future. This means that every person’s needs are best met with a different Medicare plan. Some people may benefit greatly from a Medicare Advantage plan. Others may not benefit at all, and may in fact be hurt by a Medicare Advantage plan. It entirely depends on the plan and the individual’s situation. However, there are some generalities.
Medicare Advantage plans offer some benefits to original Medicare. Often, more coverage is provided by Medicare Advantage. For example, many Medicare Advantage plans offer prescription drug coverage, a benefit that is available in only very limited circumstances under original Medicare. Another benefit is that some doctors may accept Medicare Advantage plans, but not Original Medicare. However, some Medicare Advantage plans may offer less coverage than Original Medicare in certain areas, and some doctors may accept Original Medicare and not Medicare Advantage.
The primary disadvantage to Medicare Advantage plans is that most of them are more costly than Original Medicare plans, especially in terms of monthly premiums. These price differences may be more marked for those receiving Medicare as a result of a disability than those receiving Medicare as a result of age. Some people may feel more secure being involved in a government-run program. However, some Medicare Advantage plans might be more cost effective for some individuals, especially when the added benefits are taken into account. Also, some people feel more secure being involved with a private run plan.
Generally, the people who benefit most from Medicare Advantage plans are those who need or want additional coverage and are able to afford to pay for it. Likewise, the people who are least likely to benefit from Medicare Advantage are those who are unable to pay, or who do not need or want the additional coverage options. Of course, there are always exceptions to this, and there are many people in the middle.
Every Medicare Advantage plan is different, as is every Original Medicare plan. You may benefit from one plan and not another. It is very important to take careful stock of your own medical needs and financial abilities. It is also of the utmost importance to carefully study and research every individual plan which you are considering. Seemingly minor differences in plans may result in substantial differences in costs and benefits. It is also important to consider whether the additional benefits that can be gained from Medicare Advantage plans might be gained in other ways, such as Medicare Part D and supplemental insurance.