What do Medicare Advantage Plans Cost?
You are probably reading this because you are thinking of enrolling in a Medicare Advantage plan in Florida and Boynton Beach. What will the Medicare Advantage plan cost?
You will need to enroll in a plan that services your area. Those are typically HMOs and PPOs. There may be 20 plans in your area to choose from.
Your Part B Premium Costs
Your costs include your Part B monthly premium which is paid to Social Security. If you collect Social Security, you can have this deducted from your Social Security check. If not, they can deduct it from your bank account.
You will receive a letter from Social Security telling you what your premium will be. The standard monthly premium in 2017 is $134.
You may pay more or less depending on your income. If you are single, and earn over $85,000 per year or a couple earning over $170,000 per year, you will pay more. There is a chart on Medicare’s website showing your Part B costs vs. your income.
Costs in a Medicare Advantage Plan
In addition to the monthly Part B premium, the Medicare Advantage plan may have a monthly premium. The premium can be for the health and/or drug benefits in the plan. Many Medicare Advantage plan have “0” monthly premium.
Your costs for services will be in the plan’s Summary of Benefits or Evidence of Coverage. These costs can by copays (fixed amounts) or coinsurance (%) for your medical services and drugs.
Some of the Medicare Advantage plans charge an annual deductible for their prescription drug coverage. You will need to pay the deductible before the plan will pay.
How to Select the Best Medicare Advantage Plan
In order to find the plan that works best for you, you’ll need to:
- Review all the plans in your area.
- Make sure your healthcare providers are in the plan’s network.
- What is the geographical area for the network?
- Check the copays for your medical services in network.
- If it’s a PPO, what are the costs if you go out of network?
- Do you need referrals to see a specialist?
- Make sure your drugs are covered by the plan’s formulary?
- What are your copays for the drugs?
- Will you have to pay an annual deductible for your drug coverage?
- Does the plan offer additional benefits such as vision, dental, hearing and gym memberships?
You’ll find additional information here on Medicare Advantage plans, pros and cons.
Once you enroll in a plan, you should review it annually. Click here for more information on why you should review your plan.