Since the coming of the Medicare Modernization Act of 2003, these Advantage Plans have gained popularity. This has largely been due to the “advantages” the plans have been able to provide at little or no additional cost to the “Medicare Beneficiary”. However it must be noted here, the additional premium costs/advantages/and coverage out of pocket costs are subject to change every year. These plans work well currently largely due to the amount of money Washington is paying to the insurance companies to fund these plans. Depending on where you live you could have as many as 50 to 60 or as few as 5 to 10 different plan designs to choose from for this type of coverage. Many of the plans will include the Medicare Prescription Drug Plans or “PDP”.
Medicare Advantage Plans
Unlike the Standardized Supplement/Gap plans, these “Advantage Plans” are not standardized by any means. Advantages and disadvantages abound in all of the plans. One plan may be great for one person may not be the most appropriate for the next. Careful consideration needs to be given before a selection should be made. Additionally, once in this type of plan you have restrictions which basically are set in stone as far as when you can make changes to your coverage. This is another reason careful consideration is wise before enrolling in one of these plans.
Each year a careful comparison is done by us of each of the plans. This is done to narrow down which of the many plans available will provide the broadest and most comprehensive coverage. We then choose the top six or so companies to offer to our clients.