The Complete Cardinal Guide
TO PLANNING FOR AND LIVING IN
RETIREMENT
WE HELP YOU EMBRACE THE 7 WORRIES IN RETIREMENT
Medicare Advantage.
Medicare Advantage plans are great for people on tight budgets who travel infrequently. If this sounds like you, a Medicare Advantage plan could be a route to huge financial savings. Check out our video below or scroll down to our Brief Guide to Medicare Advantage for more details.
Cardinal Lessons with Hans.
Talk To Us.
Form Submission - Contact Page
Brief Guide to Medicare Advantage
Option 2: Medicare Advantage plans, also called Medicare Part C, are a great fit for people with high medical costs and tight budgets who don’t travel much. Medicare Advantage plans provided hospital and medical coverage (i.e. Medicare Parts A and B) from private insurance companies instead of the government. The major pro Medicare Advantage plans offer is low to no monthly premiums. In 2017, one-third (33%) of Medicare beneficiaries were enrolled in a Medicare Advantage plan.
Pros and Cons of Medicare Advantage plans:
Pros of Medicare Advantage
Low or no monthly premiums
Some areas have $0 premium monthly Medicare Advantage Plans available. In all likelihood though, you probably will have some sort of monthly premium, but Advantage plans make sure its small.
Drug plan included
Medicare Advantage plans are required to cover at least everything Original Medicare covers. Typically, Advantage plans include more benefits in addition to basic coverage to entice soon-to-be-retirees to choose them over Original Medicare plans. Almost all Advantage plans include drug coverage, which you have to pay for separately if you have a Medicare Supplement.
Dental and vision coverage
Along with drug coverage, many Medicare Advantage plans also include coverage for dental and vision, something Medicare Supplements don’t include.
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.
Learn more about Original Medicare and Medicare Advantage in our blog:
What is the High Deductible Plan G Medicare Supplement?
2020 brought a wave of change to Medicare. While the changes to Plan F offerings made the most headlines, 2020 also ushered in a new plan: the High Deductible Plan G. Changes to Medicare in 2020 With the passage of MACRA in 2015, the biggest change to new Medicare...
What is changing with Medicare in 2020?
Every year Medicare changes and 2020 is no different. Below we will go over all the changes, how they will affect you, and what you need to do! Medicare Part A changes in 2020 Part A covers hospital services for Medicare beneficiaries. Most people do...
Medicare Annual Open Enrollment 2019: A complete guide to making the right decisions for you
On October 15th, the Medicare Annual Enrollment Period (AEP), sometimes referred to as Medicare Open Enrollment, started. Medicare beneficiaries have 54 days, until December 7th, to make sure they have the best coverage for 2020. What exactly are the...
Call (919) 535-8261 today for a FREE quote comparison of more than 30 companies!
Making Medicare (and retirement) Easy
Our site and our agents are here to give you valuable, unbiased information about your Medicare choices. Find out more info about parts, plans, and prescriptions quickly.
Support for Life
We provide lifetime assistance with your insurance policies. We're here to help you sort through the statements, resolve unpaid claims, and search for affordable options that fit your needs. You are not in this alone.
We work for you, not the insurance companies
No more having to find the only guy in town who sells for one insurance agency. At Cardinal, we are licensed in all 50 states and D.C. with clients in every location. We sell for over 30 insurance companies, and can get you the best priced plan for your needs.
Connect with us:
Office Locations:
Durham Office
2530 Meridian Parkway, Suite 100
Durham, NC 27713
(919) 535-8269
Charlotte Office
8307 University Executive Park Dr, Suite 252
Charlotte, NC 28262
(704) 412-6494
Greensboro Office
6520 Airport Center Drive, Suite 100
Greensboro, NC 27409
Medicare experts paired with financial planners - CFPs®, fiduciaries, required to put our clients first.
