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5 Benefits of Enrolling in Medicare Advantage

October 15, 2020
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Medicare part C, or better known as Medicare Advantage, is a policy offered through private insurance companies that provides medical and hospital coverage. Those who are already enrolled in Medicare parts A and B, are automatically eligible to enroll in a Medicare Advantage plan if you choose. Choosing the proper Medicare plan as a senior is critical. While the original Medicare plans offer basic coverage, there are many benefits of the Medicare Advantage plan that may be worth taking a look at. Check out some of the greatest benefits of Medicare Advantage that make it a great option for seniors looking for more suitable coverage.

You Will Enjoy All the Benefits of the Original Policy

Medicare Advantage takes the original Medicare policies and provides additional coverages. So when you choose the Medicare Advantage plan you will still have all of the benefits that have been included in Medicare parts A and B. 

All of Your Coverages Are in One Plan

Most of the Medicare Advantage plans that are offered consist of a prescription drug plan. When you opt for the original Medicare options, you will need to purchase a prescription plan separately. With Medicare Advantage, all of your coverages will be included in one plan, which makes it easier to manage. 

It Covers Items That Original Medicare Won't Cover

One of the most common reasons that seniors will choose Medicare Advantage over Original Medicare is the fact that it provides coverage for things that the other doesn't. Advantage will not only cover prescription drugs, but also dental, vision hearing, and sometimes even memberships to gyms. 

It Has an Annual Maximum Out-of-Pocket Limit

With Medicare Advantage, you will enjoy the security of an out-of-pocket limit with most plans. This means that you will know that maximum you will possibly spend for the year of your healthcare. The amount varies each year and among the different plans, but the highest out-of-pocket coverage for the year 2020 was $6,700. 

There is a Plan for Every Situation

Medicare Advantage offers enrollees a variety of types of plans so that you find one that fits your specific personal situation. One example is the SNP Advantage plan which is recommended for those with chronic conditions as it may help you with a lot of your medical costs. 

There are many benefits that come with choosing the Medicare Advantage plan. Find out how Medicare Advantage provides you with the coverage you need for your personal situation. 

Sources

https://www.medicare.gov/what-medicare-covers/your-medicare-coverage-choices/consider-these-7-things-when-choosing-coverage 

https://www.medicare.gov/sign-up-change-plans/types-of-medicare-health-plans/things-to-know-about-medicare-advantage-plans

Important Disclosures:

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult your financial professional prior to investing. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and cannot be invested into directly.

The information provided is not intended to be a substitute for specific individualized tax planning or legal advice. We suggest that you consult with a qualified tax or legal advisor.

All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.