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Shopping for a Medicare Advantage Plan? Choose the Company Wisely
Dozens of insurance companies sell both Medicare Advantage and Medicare Supplement plans. However, the company isn’t typically a deciding factor when you buy a Medicare Supplement plan.
When it comes to Medicare Advantage, choosing wisely is incredibly important! Here’s everything you need to know about comparing Medicare Advantage carriers.
Medicare Supplements Have No Network
Medicare Supplement plans have no network. According to the Kaiser Family Foundation, any doctor who accepts Medicare also accepts Medicare Supplements, which are about 93% of primary care physicians.
Medicare Supplement carriers don’t make special deals with different doctors and hospitals – all carriers are playing by the same rules. Medicare beneficiaries don’t have to worry about traveling out-of-network or having issues finding doctors that accept your plan.
You don’t have to compare networks when you’re choosing a Medicare Supplement.
Also, Medicare Supplement benefits are all the same. The only real comparisons we have to make when comparing carriers are price and the company’s health questions on the application.
Medicare Advantage Is Network-Based
Medicare Advantage (MA) plans are all-in-one alternatives to Original Medicare. These plans, offered by private insurance companies, bundle your hospital insurance, medical insurance, and drug coverage into one plan. Many MA plans also include extra benefits that help pay for dental, vision, and fitness programs.
A significant difference between Medicare Advantage and Medicare Supplements are the provider networks. , and these networks are different for each carrier.
For example, a national company like Humana has a comprehensive network with in-network providers all over the country. On the other hand, more regional carriers typically only have in-network doctors within a particular region. Once you leave that area, you have little – or even no – coverage, unless it’s a medical emergency.
When we compare MA plans, it’s essential to look at the current network and the history of that carrier’s network.
Judge the Health Plan, Not the Extras
A Medicare Advantage plan can look like a great plan on paper, but if your doctors and hospitals aren’t in the network, it doesn’t do you any good.
We see many clients who get enamored with the extra benefits on top of their health plans, such as dental, vision, gym memberships, over-the-counter benefits, and wellness rewards. It’s easy to lose sight of the health plan, which is the anchor of the plan. That’s what should drive your decision.
The extras are exactly that – they’re benefits on top of your health plan that make it more attractive. But differentiating your decision should first and foremost be on the health and prescription coverage. Then, make sure your doctors, hospitals, and drug list fit the plan.
Look For Broad Networks
We could be healthy today and only have one doctor, but we need a broad network in case we have a health issue. The comprehensive network gives more choice if we run into a significant health event down the road.
When we help you choose a Medicare Advantage plan, we start by looking at the hospital network.
Suppose you have a good hospital in-network that includes a lot of physicians. In our area here in Arkansas, we have five major hospitals. Most doctors work for a hospital, so if all hospitals are in-network, we know right away that most doctors accept the plan.
That’s the hierarchy of our decision process. We look at hospitals first, and then primary care physicians (PCPs), which are important. If we’re happy with those networks, we look at any supplemental benefits like dental and vision. We’ll go down the list and confirm your current doctors are in-network.
Conclusion
There are so many carriers and plans in each county – some counties have more options than others. Typically, the counties with the best options have the most plans, and that can be confusing!
Even with the extra benefits, you need to factor in the network. Be prepared to confirm you have a good network or can use the network they have. If you can’t use the benefits, the plan is of no value to you.
Medicare Advantage plans are great plans – they’re just different. As long as you understand that, MA can be an excellent and viable option.
We have all the best Medicare Advantage carriers in Arkansas. We’ll likely look at some dominant ones first, but all of them are available to us! Our team of licensed insurance agents would love to help you find a plan with excellent health benefits and a broad network of in-network doctors and hospitals.
Learn more about Medicare Advantage plans by calling us at 501-916-2935.
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