Option 2: Medicare Advantage plans, also called Medicare Part C, takes Part A and Part B from the government and gives them to a private insurance company. In 2017,  one-third (33%) of Medicare beneficiaries were enrolled in a Medicare Advantage plan.

The Pros and Cons of using Medicare Advantage plans for your health care needs:

Cons of Medicare Advantage

Networks

Medicare Advantage plans require members to stay within a network of certain doctors and hospitals. If you do not go to these, you might have to pay more out of pocket, even the full cost of the service.

Does not travel well

Due to networks, these policies do not travel well. If you visit family or friends in other locations a lot, you might not want to go with this option.

Availability

Plan are based on your zip code, meaning you might have very limited choice in Medicare Advantage plans or no choice at all depending on where you live.

Copays, coinsurance, and deductible

Medicare Advantage plans still require that you pay copays, coinsurance, and deductibles when you use services. If you go to the doctor a lot, you might want to consider the Medicare Supplement options as it might cost less over time.

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 get in your policy and don’t like it, you still have to wait it out for a year. Medicare Supplements can be changed at any time.

Make sure you call more than one company, or use a brokerage that works with multiple companies to get all of the information necessary to make an informed decision.