What You Need to Know About the New Medicare Advantage Plans

When you first sign up for Medicare open enrollment, you have the option to enroll in Original Medicare or Medicare Advantage. The option you choose affects how much you pay for coverage, what kind of benefits you receive, your health care network, and the quality of care you have access.

The Medicare insurance plan in Michigan is considered the more comprehensive option as it includes inpatient or hospital coverage (Part A), outpatient or medical coverage (Part B), and prescription drug coverage (Part D). This makes it a popular option as it provides more coverage for different medical expenses.

As an insurance advisor in Troy, Michigan, we will share interesting facts about the new Medicare Advantage plan so you can understand your options and choose which one best suits your needs.

• Medicare Advantage provides extra benefits.
  Unlike Original Medicare, which provides limited coverage for prescription drugs, the majority of Medicare Advantage plans provide a broader range of medications. They also offer additional benefits, such as hearing coverage, vision coverage, routine dental appointments, fitness benefits, and more.
• Medicare Advantage plans may require you to pay two premiums.
  Most Medicare Advantage plans require a premium that you need to pay each month to continue coverage. More than that, you are also required to pay for your Medicare Part B premium to the government. Unlike Original Medicare, the new plan also has caps on how much you can pay out of pocket for any covered medical costs. However, the maximum amount resets every year.
• Medicare Advantage provides a broad network.
  One of the biggest advantages of the new Medicare Advantage plan is gaining access to a broad network of specialists. A lot of Medicare Advantage plans are structured as Health Maintenance Organizations (HMOs) or Preferred Provider Organizations (PPOs). Both of which offer a long list of specialists to provide services under the plan. If you wish to avail of services from a doctor, hospital, or other providers outside their network, you may have to pay additional costs.
• Medicare Advantage covers a wide range of health problems.
  Unlike other types of insurance plans, pre-existing conditions such as high blood pressure won’t prevent you from getting coverage. However, individuals with end-stage renal disease (ESRD) won’t be able to get a Medicare Advantage plan. In this case, it’s best to apply for the Special Needs plan, which is another type of Medicare Advantage plan.

We at American Insurance Advisors are available to meet your insurance needs. Whether you are looking for the best health insurance available or would like to avail of life insurance, we can assist you. Feel free to reach out to us to request a quote and take advantage of our services.