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If you’re enrolled in Original Medicare, you may want to switch to a Medicare Advantage (MA) plan. This type of plan is sold by private insurance companies and provides all of the parts of Medicare plus additional coverage types like vision and dental insurance. However, premiums can vary based on your location, coverage needs, company and more so you’ll want to shop around to avoid overpaying for coverage.
Using SmartFinancial to shop around for a Medicare Advantage plan is an easier way to save you time and money but for comparison’s sake, let’s break down what it’s like to comparison shop the traditional way.
A benefit of opting for Medicare Advantage is that it can cover benefits excluded from coverage by Original Medicare, such as vision, hearing and dental insurance. As a result, you’ll want to see if you need any of these types of coverage or other benefits like in-home support.
Keep in mind that some plans restrict coverage to only providers within the plan’s network so you’ll want to check in advance that your preferred providers, facilities and drugs are covered.
You’ll also want to look at the annual limit for each plan. Unlike Original Medicare, there is a cap on how much you can spend out of pocket for services covered by Part A and Part B.
To get the most accurate quotes and to better customize your policy to your needs, you should have the below details ready before shopping around:
To ensure you’re getting the best price, you should compare rates from at least three to five different Medicare Advantage insurance companies. While price is important, you should also research each company’s Medicare star rating, which is a measure of their customer satisfaction and care quality.
As mentioned earlier, don’t forget to check the provider networks of whichever companies you’re considering if you want to continue seeing your current primary care physician.
Having to sort through dozens of Medicare Advantage carriers and research their star ratings can be both daunting and time-consuming. After all, you’ll have to provide your personal and health information to each company you contact for a quote.
Good news for you: SmartFinancial simplifies the experience when it comes to shopping for a Medicare Advantage plan.
With SmartFinancial, you get to skip the tedious research process because we handle that for you. That’s right. No need to find different companies, research ratings or look up unfamiliar terms. The best part: using our service to find the coverage you need is 100% free.
This form will include questions about your age, sex, health status and what coverage you need.
After receiving offers from our trusted Medicare Advantage partners, we sort through them to find a tailor-made policy for your coverage needs.
Review the policy we recommend and if you’re satisfied with the results, accept and buy the policy. Using SmartFinancial is straightforward, hassle-free and zero cost out of your pocket.
Premiums for Medicare Advantage aren’t fixed the way they can be with some parts of Original Medicare. In general, MA plan carriers will use the following factors when calculating your rate.
Medicare is a federal program that provides health coverage for Americans 65 years old and older, with some exceptions. There are different parts to Medicare, with each covering certain services like hospital stays, doctor visits and prescription drugs.
Original Medicare is parts A and B for physician and hospital coverage with the option to add Part D for prescription drugs. Part C, called Medicare Advantage, consolidates these benefits and more.
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The deductible is the amount you pay out-of-pocket before your health insurance company covers you in full.
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Coinsurance is a form of cost-sharing that managed healthcare plans use to split the fees of services and prescription drugs with their customers.
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Catastrophe insurance refers to an insurance endorsement or ride or a standalone policy that covers your home against certain natural disasters not covered with a home insurance policy, such as earthquake and flood insurance.
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Medicaid is a government-funded healthcare program primarily for low-income individuals and families. People eligible for Medicare may be eligible for Medicaid too.
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Original Medicare does not cover hearing but Medicare Advantage plans (Part C) often do.
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Original Medicare does not usually cover dental but Medicare Part C plans, also called Medicare Advantage, often do.
Learn MoreYou can enroll in Medicare Advantage around the time you turn 65 or you can join, drop or switch to another Medicare Advantage plan from October 15 to December 7. If you’re already enrolled in an MA plan, you can switch to another MA plan from January 1 to March 31.
Yes, you can sign up for Medicare Part A at 65 even while employed and insured through your employer, especially if there's no premium. However, you may want to delay enrolling in Medicare Part B until you lose employer coverage because you will have to pay a premium (and there is no penalty for waiting).
You can switch from Original Medicare to a Medicare Advantage plan between October 15 and December 7.
Original Medicare does not cover dental and vision care if they are not medically necessary. These benefits may be included in a Medicare Advantage plan.
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