The main reason why Medicare Advantage Plans are not good for seniors is that they do not give you the freedom of choosing how you would pay for your premiums. Unlike Medicare Part D and Medigap Plans, Medicare Advantage Plans cannot be traded in for Medicare. If you change your insurance company in order to receive Medicare benefits, you are required to switch from one plan to another in order to continue receiving benefits. This means that once you’ve started Medicare you will remain on it forever. A lot of seniors who originally got their health care through Medicare have found themselves trapped in a permanent Medicare Advantage Plan. In most cases these folks are older and already limited physically by that time; when they decided to switch to an Advantage Plan, it meant losing important coverage.
Why Medicare Advantage Plans Are Bad – The Big Reasons
For seniors who are paying for their own medications, copays, and deductibles as well as Medicare benefits from their private insurance company, a Medicare Advantage plan can be a nightmare. Because of the way that Medicare works, you must pay a copay to get your prescriptions filled at a specific office, and then you must pay a deductible that amounts to a certain percentage of what you’re spending on your medications every month. Even if you do use the pharmacy that your private insurance company has selected to fill your prescriptions, the costs can be extremely high. If you have a chronic condition or have a history of serious health problems, it is better to pay out of pocket for the medications you need, rather than take a chance and lose all your Medicare benefits.
Medicare plan Boomer Benefits are supposed to help you maintain your health, but if you don’t use the insurance wisely, you will end up with a bunch of fees you can’t afford. You may have to switch companies, get out of the house, or just stop taking your medicine if you don’t have Medicare Advantage Plans available. It’s better to have something that gives you freedom from excessive hospitalization costs, as well as peace of mind than to continue paying for something you may not need. Talk with an advisor today to find out more about why Medicare plan benefits are so important for you!