Increasingly, Medicare Advantage plans are serving more Medicare beneficiaries than ever. More than 22 million Medicare beneficiaries enrolled in a Medicare Advantage plan in 2019, a full 34% of those eligible for the health insurance program. This MedicareWire report offers a brief overview of the Medicare Advantage program for plan year 2020, based on its analysis of the Landscape Source Files from the Centers for Medicare and Medicaid Services (CMS). Medicare Advantage Plan AvailabilityInfogram Number of Plans Available Nationwide, there are 3,148 private health plans available under the Medicare Advantage program. This represents an increase of 414 plans over plan year 2019, marking three straight years of steady growth. On average, beneficiaries can choose from a pool of 28 plans in their area in 2020, up from 24 in 2019. For those who qualify, the availability of Special Needs Plans (SNPs) increased to 855 plans in 2020, up from 717 in 2019. Number of Insurance … [Read more...]
My Medicare Advantage Plan Is Not Offered In 2019. What do I Do?
I received a notice that my Medicare Advantage plan won't be available in 2019. What do I need to do? This year, thousands of seniors received a notice from their Medicare Advantage (MA) plan telling them that the insurance carrier will no longer be offering coverage in their area. If you received this notice, you have two options. You can join a different MA plan that's available in your county or you can switch back to Original Medicare. According to the Centers for Medicare and Medicaid Services (CMS) rules, you have until February 28 to make up your mind. That said, most experts agree that you should make your plan elections during the Annual Election Period (October 15 through December 7). By doing so, you will have coverage on January 1. Option 1: Join another Medicare Advantage plan Although your plan may have gotten out of your local market, the good news is that there are more plan options in 2019. Plus, many 2019 Medicare Advantage plans offer enhanced … [Read more...]
7 Tips to Find the Best 2019 Medicare Advantage or Part D Plan
Medicare's 2018 Annual Election Period (AEP) is upon us. As with previous years, it begins on 15 October and ends on 7 December. To help you make the best choices possible, here are seven tips that will make finding the best Medicare Advantage or Medicare Part D plan easier. Tip 1: Compare and Research Annually The single biggest mistake we see every year is seniors staying with the plan(s) they enrolled in the previous year, or several years ago. This can be a very costly mistake. Plans change from year to year. With each new plan year carriers are allowed to change monthly premiums, the formulary (drug list), deductibles and more. Plus, the plan's quality rating changes, which we'll get to next. In short, if you don't compare your current plan's 2017 premiums, deductibles and coverage with its 2017 competitors, you could be leaving a lot of money on the table. This is particularly true if you enrolled in a brand new plan. New plans are notorious for raising premiums and switching … [Read more...]