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Should You Try A Medicare Advantage Plan?

2014 September 18

Medicare-blogBy Tricia of Allsup

In just weeks, about 54 million people have the opportunity to make new Medicare choices for 2015. Medicare’s annual open enrollment period runs from Oct. 15 to Dec. 7, with plan choices taking effect Jan. 1, 2015.

One of the more common questions we get through the Allsup Medicare Advisor® is: Should I try a Medicare Advantage plan?

Like many choices in life, our answer is: It depends.

I can explain some of the reasons that people take a closer look at Medicare Advantage plans.

Reasons include:

  • They want to receive all their coverage through one plan. Medicare Advantage can combine traditional Medicare Parts A, B and D—which are hospital, medical and prescription drug services, respectively—into one plan. This means that you have one insurance coverage provider for your health claims.
  • They want the predictability of a cap on their out-of-pocket costs. Medicare Advantage plans typically include an out-of-pocket maximum expense that beneficiaries can expect to pay. In 2014, the average out-of-pocket limit was estimated at $4,797.
  • They want more options for reducing healthcare costs. Many people buy Parts A, B and D, as well as supplemental coverage, or Medigap. Getting coverage in the form of four separate plans can add up. Some people may find that one Medicare Advantage plan has comparable coverage for less. However, your options will vary depending on where you live.
  • They take a number of prescription drugs. Medication can be a big part of your healthcare costs. Some seniors find a Medicare Advantage plan with drug coverage provides them with more cost savings.
  • They would like some additional benefits such as dental and vision coverage. Medicare Advantage plans can offer some additional features that may not be provided with traditional Medicare. Options vary depending on where you live.

A few years ago, predictions were that Medicare Advantage enrollment would decline. But it’s clear seniors and people with disabilities are finding positives to choosing this path to Medicare coverage.

Compared to four years ago—there are 3 million more people enrolled in Medicare Advantage plans. The total was nearly 16 million participants in 2014, which is 1 in 3 of all Medicare beneficiaries.

If you are interested in your options, then get ready for Medicare annual enrollment. It starts soon: Oct. 15. If you’d like to get a jump on your Medicare plan choices this year, contact a Medicare specialist at Allsup Medicare Advisor® at (866) 521-7655.

You also can visit to fill out an online form and reach a Medicare specialist.

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