SAVVY SENIOR - Insurance News | InsuranceNewsNet

InsuranceNewsNet — Your Industry. One Source.™

Sign in
  • Subscribe
  • About
  • Advertise
  • Contact
Home Now reading Newswires
Topics
    • Advisor News
    • Annuity Index
    • Annuity News
    • Companies
    • Earnings
    • Fiduciary
    • From the Field: Expert Insights
    • Health/Employee Benefits
    • Insurance & Financial Fraud
    • INN Magazine
    • Insiders Only
    • Life Insurance News
    • Newswires
    • Property and Casualty
    • Regulation News
    • Sponsored Articles
    • Washington Wire
    • Videos
    • ———
    • About
    • Advertise
    • Contact
    • Editorial Staff
    • Newsletters
  • Exclusives
  • NewsWires
  • Magazine
  • Newsletters
Sign in or register to be an INNsider.
  • AdvisorNews
  • Annuity News
  • Companies
  • Earnings
  • Fiduciary
  • Health/Employee Benefits
  • Insurance & Financial Fraud
  • INN Exclusives
  • INN Magazine
  • Insurtech
  • Life Insurance News
  • Newswires
  • Property and Casualty
  • Regulation News
  • Sponsored Articles
  • Video
  • Washington Wire
  • Life Insurance
  • Annuities
  • Advisor
  • Health/Benefits
  • Property & Casualty
  • Insurtech
  • About
  • Advertise
  • Contact
  • Editorial Staff

Get Social

  • Facebook
  • X
  • LinkedIn
Newswires
Newswires RSS Get our newsletter
Order Prints
April 6, 2022 Newswires
Share
Share
Tweet
Email

SAVVY SENIOR

Farmington Press (MO)

How to choose a Medicare Advantage plan

Dear Savvy Senior,

I will be 65 and eligible for Medicare in a few months and am interested in getting a Medicare Advantage plan to cover my health care and medications. What tips can you provide to help me pick a plan?

Ready to Retire

Dear Ready,

Medicare Advantage plans have become very popular among retirees over the past 15 years, as nearly half of all new Medicare enrollees are signing up for Advantage plans, which accounts for about 42 percent of the entire Medicare market. Here are some tips and tools to help you pick a plan that fits your needs.

First, let's start with a quick review. Medicare Advantage plans (also known as Medicare Part C) are government approved health plans sold by private insurance companies that you can choose in place of original Medicare. The vast majority of Advantage plans are managed-care policies such as HMOs or PPOs that require you to get your care within a network of doctors.

If you join an Advantage plan, the plan will provide all of your Part A (hospital insurance) and Part B (medical insurance) coverage like original Medicare does. But many plans also offer extra benefits like dental, hearing and vision coverage along with gym/fitness memberships, and most plans include prescription drug coverage too.

Medicare Advantage plans are also cheaper than if you got original Medicare, plus a separate Part D drug plan and a Medigap policy. Many Advantage plans have $0 or low monthly premiums and don't always have a deductible, but they also typically have a high out-of-pocket maximum. In 2021, Advantage plan participants on average were responsible for a maximum of around $5,100 for in-network care, and about $9,200 when out-of-network care is included.

How to choose

To help you pick a plan, a good first step is to call the office managers of the doctors you use and find out which Advantage plans they accept, and which ones they recommend. Then go to the Medicare Plan Finder tool at Medicare.gov/plan-compare to compare Advantage plans in your area. This tool provides a five-star rating system that evaluates each plan based on past customer satisfaction and quality of care the plan delivers. When comparing, here are some key points to consider:

Total costs: Look at the plan's entire pricing package, not just the premiums and deductibles. Compare the maximum out-of-pocket costs plus the copays and coinsurance charged for doctor office visits, hospital stays, visits to specialists, prescription drugs and other medical services. This is important because if you choose an Advantage plan, you're not allowed to purchase a Medigap policy, which means you'll be responsible for paying these expenses out of your own pocket.

Drug coverage: Check the plan's formulary – the list of prescription drugs covered – to be sure all the medications you take are covered without excessive co-pays or requirements that you try less expensive drugs first.

Dental, vision and hearing: Many Advantage plans come with dental, vision and hearing benefits, but are usually limited. Get the details on what exactly is covered.

Coverage away from home: Most Advantage plans limit you to using in-network doctors only within a service area or geographic region, so find out what's covered if you need medical care when you're away from home.

Out-of-network coverage: Check to see what's covered if you want to see a specialist in a hospital that is not in a plan's network. You can get a list of doctors and hospitals that take part in a plan on the plan's website.

Need help?

If you need help choosing a plan, contact your State Health Insurance Assistance Program at ShipHelp.org or call 877-839-2675. Also see the HealthMetrix Research 2022 Cost Comparisons Report at MedicareNewsWatch.com that lists the best Advantage plans based on health status.

Older

Locals begin to see flood insurance rate hikes

Newer

Ed Napleton Automotive Group to pay $10 million to settle fraud, discrimination claims [The News-Gazette, Champaign-Urbana, Ill.]

Advisor News

  • Guardian report finds Americans’ financial health at a 14-year low
  • Retirement confidence and ‘the great decide’
  • Workers want employers to offer lifetime income in 401(k) plans
  • How to make facing retirement alone less stressful
  • GDP growth slowing but no recession in sight
More Advisor News

Annuity News

  • Guardian report finds Americans’ financial health at a 14-year low
  • MetLife Names Jane Slusark as Chief Communications Officer
  • Workers want employers to offer lifetime income in 401(k) plans
  • Jackson Adds Nasdaq 100 Index Option, Offers Full Principal Protection Option in Latest Registered Index-Linked Annuity Launch
  • First Quarter 2025 Statutory Financial Statement for Athene Annuity & Life Assurance Company of New York
More Annuity News

Health/Employee Benefits News

  • Connecticut about $300 million short on Medicaid funding, votes deal to fix it
  • Findings from University of California San Diego (UCSD) Reveals New Findings on Managed Care (Dr. Joan Venes: a Pioneer of Pediatric Neurosurgery): Managed Care
  • Investigators from Northeastern University Target Insurance (Impact of Hospital-physician Integration On Medicare Patient Mix): Insurance
  • Study shows significant increase in mental health diagnoses among publicly insured children: Emory University
  • Health insurance tax threatens state
More Health/Employee Benefits News

Life Insurance News

  • $87.67 million in life insurance benefits located for Tennesseans in 2024 through locator service
  • Ask the Medicare Specialist
  • Americans’ Financial Confidence On Decline Since 2020, Allianz Life Study Finds
  • Guardian report finds Americans’ financial health at a 14-year low
  • Royal Neighbors of America celebrates 130 years
More Life Insurance News

- Presented By -

Top Read Stories

  • ‘Systematic fraud’ alleged in property/casualty claims practices
  • Gen Z getting serious about finances
  • How to make facing retirement alone less stressful
  • GDP growth slowing but no recession in sight
  • 4 at Berks call center indicted in nationwide health insurance fraud scheme
More Top Read Stories >

NEWS INSIDE

  • Companies
  • Earnings
  • Economic News
  • INN Magazine
  • Insurtech News
  • Newswires Feed
  • Regulation News
  • Washington Wire
  • Videos

FEATURED OFFERS

Increase sales up to 30% with INN Academy
Master sales strategies from industry legends. Flexible learning, immediate results. Don't miss out—save up to 50% on enrollment today!

Press Releases

  • WealthFeed Partners with Wells Advantage Group to Empower Agents with Next-Level Prospecting and Insurance Solutions
  • Wichita National Life Implements Hexure’s FireLight to Power Annuity Sales and Market Expansion
  • RFP #T01325
  • RFP #T01825
  • Industry Vets Launch AI Powered Premium Finance & Agency Bill Fintech
More Press Releases > Add Your Press Release >

How to Write For InsuranceNewsNet

Find out how you can submit content for publishing on our website.
View Guidelines

Topics

  • Advisor News
  • Annuity Index
  • Annuity News
  • Companies
  • Earnings
  • Fiduciary
  • From the Field: Expert Insights
  • Health/Employee Benefits
  • Insurance & Financial Fraud
  • INN Magazine
  • Insiders Only
  • Life Insurance News
  • Newswires
  • Property and Casualty
  • Regulation News
  • Sponsored Articles
  • Washington Wire
  • Videos
  • ———
  • About
  • Advertise
  • Contact
  • Editorial Staff
  • Newsletters

Top Sections

  • AdvisorNews
  • Annuity News
  • Health/Employee Benefits News
  • InsuranceNewsNet Magazine
  • Life Insurance News
  • Property and Casualty News
  • Washington Wire

Our Company

  • About
  • Advertise
  • Contact
  • Meet our Editorial Staff
  • Magazine Subscription
  • Write for INN

Sign up for our FREE e-Newsletter!

Get breaking news, exclusive stories, and money- making insights straight into your inbox.

select Newsletter Options
Facebook Linkedin Twitter
© 2025 InsuranceNewsNet.com, Inc. All rights reserved.
  • Terms & Conditions
  • Privacy Policy
  • InsuranceNewsNet Magazine

Sign in with your Insider Pro Account

Not registered? Become an Insider Pro.
Insurance News | InsuranceNewsNet