Choosing Better Medical Insurance

3 Ways Medicare Advantage Plans Can Save You Money

Choosing between traditional Medicare and Medicare Advantage isn't always easy. Although both options have advantages, around half of those eligible for Medicare choose a Medicare Advantage plan. Deciding which is right for you can often mean taking a hard look at your medical needs and financial situation. Still, a Medicare Advantage plan can often be a genuine money-saver.

If you're concerned about your medical costs now and into the future, consider these three scenarios where a Medicare Advantage plan will likely save you a substantial amount of money. 

1. You're Primarily Concerned About Premiums

Out-of-pocket healthcare costs can come from numerous sources, including monthly premiums, copays, deductibles, and medication costs. Everyone's healthcare needs are unique, so the balance between these costs can often be very different for each individual. For example, if you're in relatively good health with few medications, monthly premiums may make up most of your expenses.

Since Medicare Advantage plans are private plans, you'll have numerous options available, allowing you to select the one that best fits your needs. Some plans may offer much lower premiums than traditional Medicare, allowing you to save a significant amount of money month-to-month. As your healthcare needs change, you can re-evaluate a switch to a different Medicare Advantage plan as needed.

2. You Have High Dental or Vision Costs

Medicare Part A and Part B (known as "Original Medicare") offer limited dental and vision services, with no coverage for routine care. While these plans will cover some emergency dental and vision services, you may need supplemental coverage for many non-emergency services. These costs may add up quickly if you have conditions requiring regular dental or vision care.

Medicare Advantage plans are much more varied in their coverage. While not every Medicare Advantage plan will provide dental or vision coverage, many do. As a result, you can choose a tailored plan for your particular health needs. In many cases, choosing a Medicare Advantage plan with these coverages may be cheaper than adding supplemental coverage to Original Medicare.

3. You Rarely Change Providers

Like most healthcare plans, Medicare Advantage plans typically use a provider network that determines where you can seek medical care. Different Advantage plans offer different networks, so some plans may offer broader coverage than Medicare Original, while others offer more limited networks. In most cases, plans with smaller networks will also have lower premiums.

If you rarely change healthcare providers, choosing a plan with a more limited network that covers your preferred doctors can be an excellent way to save some money. You can continue using your preferred healthcare providers while also keeping your monthly premiums as low as possible.