Medicare Advantage Plans

Medicare.

Simply the sound of the word creates confusion for most people who are facing or preparing for retirement.  There are many different choices that you need to make that can have significant financial ramifications to the amount and type of coverage you receive.  

One type of Medicare coverage you need to become familiar with, to determine if it's right for you, is the Medicare Advantage plan.  This is also known as a "Medicare Private Health plan" or sometimes called "Medicare Part C".

An advantage plan is a Medicare plan which is offered thought a private insurer.   Such plans have different benefits, sometimes more than a standard plan, but can also have elements of coverage or flexibility that are more restrictive than a traditional Medicare plan.  

Confused yet?  

There are two resources that can help you better understand your options so you may make the best choice for yourself. 

The Kaiser Family Foundation ( www.kff.org ) published a 2017 report (https://www.kff.org/medicare/fact-sheet/medicare-advantage/)  that provides an overview of Medicare Advantage plans that are available across the country, including enrollments, premiums, out-of-pocket costs, and other elements.  There is also a signup where you can get their Medicare updates.  

The other resources is the website of the nonprofit Medicare Rights Center ( www.medicareinteractive.org ) .  This site provides explanations on how Medicare Advantage plans work and comparison between plans, including various aspects that you should compare, such as eligibility, costs, and enrollment.  

Last, Medicare too has an online tool that may be of use "Plan Finder".  This site can also help you find and evaluate various plans based on where you live (zip code), medications you take and other options.  This tool can be found at www.medicare.gov/find-a-plan/ .  Use the "basic search" option to get started.  

Ultimately the choice of a traditional vs. a Medicare Advantage plan is up to you.  The better you understand your options and the specifics surrounding your specific circumstances the more likely you are to select a plan that is best for you.  This isn't a simple decision, and it should be made with the best information available to you.  Take some time and educate yourself on the options that are available to you.

Last, if you want to learn more about these plans, you might pick up a copy of Philip Moeller's Get What's Yours for Medicare.   Not exactly a riveting storyline, but the outcome is sure to interest you personally.  

WhiteCoat Risk Management is not responsible for any actions you take or fail to take regarding any aspect of your financial planning.  This article is provided for information purposes and is not intended to provide individualized advice. You alone are responsible for your financial decisions. 

This post was based on information obtained from the Wall Street Journal Monday Dec.17, 2018,.