Why would I choose Medicare Advantage over Original Medicare?
Asked by: Sasha Dickens | Last update: January 29, 2024Score: 4.3/5 (12 votes)
Under Medicare Advantage, you will get all the services you are eligible for under original Medicare. In addition, some MA plans offer care not covered by the original option. These include some dental, vision and hearing care. Some MA plans also provide coverage for gym memberships.
Why seniors are choosing Medicare Advantage over traditional Medicare?
Many Medicare Advantage plans offer additional benefits, such as money toward dental or vision care, which isn't covered by Original Medicare. About 1 in 4 people say extra benefits pushed them to choose Medicare Advantage, according to a survey by the Commonwealth Fund, a health care think tank.
What are advantages of Medicare Advantage over regular Medicare?
Original Medicare helps cover hospital and doctor visits. MA plans bundle Part A and Part B benefits, and some include prescription drug coverage. Many MA plans also include routine dental, vision and hearing care—benefits not offered by Original Medicare.
Why are people switching to Medicare Advantage?
Lower out of pocket costs
Under Medicare Advantage, each plan negotiates its own rates with providers. You may pay lower deductibles and copayments/coinsurance than you would pay with Original Medicare. Some Medicare Advantage plans have deductibles as low as $0.
Can you go back to Medicare from an Advantage plan?
If you joined a Medicare Advantage Plan during your Initial Enrollment Period, you can change to another Medicare Advantage Plan (with or without drug coverage) or go back to Original Medicare (with or without a drug plan) within the first 3 months you have Medicare Part A & Part B.
Why I Would Always Choose Original Medicare.
Is Medicare Advantage better or worse?
For many seniors, Medicare Advantage plans can work well. A 2021 study in the Journal of the American Medical Association found that Advantage enrollees often receive more preventive care than those in traditional Medicare. But if you have chronic conditions or significant health needs, you may want to think twice.
Why people don t like Medicare Advantage plans?
High Out-of-Pocket Costs
One of the primary reasons why Medicare Advantage plans are bad for some is because of their high costs. While these plans may offer lower premiums than traditional Medicare, they often come with additional costs that can quickly add up.
What percentage of people choose Medicare Advantage?
More than 28 million Medicare beneficiaries – 48 percent of all eligible beneficiaries – are enrolled in Medicare Advantage plans, which are mostly HMOs and PPOs offered by private insurers.
What percentage of people use Medicare Advantage?
Between 2019 and 2023, Medicare Advantage enrollment has grown by 2.1 percent. As of January 2023, 48 percent of all Medicare beneficiaries are enrolled in Medicare Advantage, translating to 30.7 million people. Medicare Advantage enrollment growth continued at a rapid pace, adding 2.7 million beneficiaries in 2023.
Are Medicare Advantage patients healthier?
Historically, Medicare Advantage beneficiaries have been healthier than those in the traditional program, but this seems to be changing: beneficiaries now have similar characteristics and experiences regardless of coverage.
What is a main difference between Medicare Advantage and Original Medicare?
Medicare Advantage plans cover everything Original Medicare covers plus more, so if you want things like dental, vision or fitness benefits, a Medicare Advantage plan may be the right choice.
Is Medicare Advantage more expensive than traditional Medicare?
Medicare Advantage can cost less than Original Medicare. That's because Medicare Advantage plans must have a maximum out-of-pocket limit.
What percentage of seniors are on Medicare Advantage?
Forty-five percent of Medicare beneficiaries are enrolled in Medicare Advantage plans in 2022, a share that is projected to rise to more than 50 percent by 2025.
Is Medicare Advantage good for the elderly?
Medicare Advantage for seniors
The advantage for seniors is more choice and often lower out-of-pocket costs. Most of these plans are health maintenance organizations (HMOs) or preferred provider organizations (PPOs) — which offer significant savings for visiting in-network providers.
What percentage of seniors are on original Medicare?
But 1 in 10 Medicare beneficiaries (10%) – 5.6 million people – were covered under traditional Medicare with no supplemental coverage, which places them at greater risk of incurring high medical expenses or foregoing medical care due to costs.
Who is the best candidate for a Medicare Advantage plan?
The Medicare Advantage plan may offer a $0 premium, but the out-of-pocket surprises may not be worth those initial savings if you get sick. “The best candidate for Medicare Advantage is someone who's healthy,” says Mary Ashkar, senior attorney for the Center for Medicare Advocacy.
Can you switch from traditional Medicare to Medicare Advantage?
You can switch to a Medicare Advantage plan from Original Medicare during the Annual Enrollment Period each fall, October 15 through December 7.
Are Medicare Advantage plans becoming more popular?
A Record 30.7 Million Individuals Are Now Enrolled in Medicare Advantage. Penetration continues to grow, with 48% of all Medicare beneficiaries now enrolled in a Medicare Advantage product. This reflects growth of 2.7 million total beneficiaries since 2022.
What's the big deal about Medicare Advantage plans?
With a Medicare Advantage Plan, you may have coverage for things Original Medicare doesn't cover, like fitness programs (gym memberships or discounts) and some vision, hearing, and dental services (like routine check ups or cleanings).
How do I switch back to original Medicare?
If you're already in a Medicare Advantage plan and you want to switch to traditional Medicare, you should contact your current plan to cancel your enrollment and call 1-800-MEDICARE (1-800-633-4227). Note there are specific enrollment periods each year to do this.
Do Medicare Advantage plans have to accept everyone?
A Medicare Advantage (MA) Plan, known as Medicare Part C, provides Part A and B benefits, and sometimes Part D (prescription drugs), and other benefits. All Medicare Advantage providers must accept Medicare-eligible enrollees.
Is it necessary to have a Medicare Supplement?
Medicare supplement plans are optional but could save you big $$$ on doctor bills. Your cost-sharing under Part B is similar. You are responsible for paying your Part B deductible, which is $226 in 2023. Then Part B Medicare only pay 80% of approved services.
Is Medicare going up in 2023?
For 2023, the Part A deductible will be $1,600 per stay, an increase of $44 from 2022. For those people who have not worked long enough to qualify for premium-free Part A, the monthly premium will also rise. The full Part A premium will be $506 a month in 2023, a $7 increase.
When did Medicare Advantage start?
The M+C program in Part C of Medicare was renamed the Medicare Advantage (MA) Program under the Medicare Prescription Drug, Improvement, and Modernization Act of 2003 (MMA), which was enacted in December 2003.