Pros and Cons of Medicare Advantage plans:

Cons of Medicare Advantage

Network Restrictions 

Medicare Advantage plans require members to stay within a network of certain doctors and hospitals. If you go out of network, you’ll likely have to pay more out of pocket than you would’ve otherwise and could even incur the full cost of medical services provided to you. To avoid a huge medical bill, you’ll have to be sure you’re in network every time you visit a doctor.

Does not travel well

Because of the network restrictions, Advantage policies don’t travel well. If you frequently visit family or friends in other locations, you might not want to go sign up for a Medicare Advantage plan.

Availability

Advantage plans are based on your zip code. This means you could have very limited choices in Advantage plans or the option could be unavailable entirely depending on where you live. Unfortunately, even if Medicare Advantage sounds like a good option for you, this can limit your ability to enroll.

Co-pays, co-insurance, and deductible

Medicare Advantage plans still require that you pay co-pays, co-insurance, and deductibles when you use services. If you visit the doctor frequently, you might want to consider Medicare Supplements as they’ll likely be cheaper in the long run.

*Can only be switched during Annual Enrollment*

Medicare Advantage plans can only be switched during Annual Enrollment from October 15th – December 7th every year. This means if you purchase a policy and don’t like it, you’ll have to wait a year until you can get out of it. Medicare Supplements, on the other hand, can be changed at any time.

Make sure you call more than one company or use a brokerage that works with multiple companies. The approach will ensure you get the pricing information necessary to the cheapest and most informed decision for you and your family.