At a minimum Medicare Advantage (MA) Plans cost the same amount as your monthly Part B premium. For plan year 2014 that’s $123.10, up about $9 from 2013 ($104.90). If your annual income is over $85,000, you will pay a bit more.
The additional monthly cost Medicare Advantage Plans charge will depend on the additional services offered and the area of the country where the plan is offered. Competition, cost of living and the availability of health networks in your area are all factors.
When comparing plans, look at more than just the cost. Here are some questions you should carefully consider when shopping for an MA or MAPD plan:
- What type of health services do you need? How often?
- How much do you currently spend on copayments, coinsurance and additional insurance coverage each year?
- Does the plan have a yearly deductible? If so, how much?
- Does it charge a deductible for any of the most common services?
- How much will you pay for each doctor visit or service (copayments) in network and out of network?
- Does the plan charge a monthly premium in addition to your Medicare Part B premium?
- Does the plan pay any of the Part B premiums?
- How much is the plan’s maximum out of pocket expense (annual)?
- What additional benefits does the plan offer, such as hearing, vision and dental coverage? Do you need them? What do these benefits cost?
As you can see, there is a lot to consider. Do your homework and call the plans you are considering before joining. Have them fully explain their rules and calculate your costs so you can make sure the plan you choose will meet your needs. When in doubt, call Medicare directly for assistance.
Still have questions about Medicare Advantage Plans?
Try one of these additional articles:
- What do Medicare Advantage Plans cover?
- How much do Medicare Advantage Plans cost?
- When is the Medicare Annual Election Period?
- What are Medicare Advantage Plans?