Pros and Cons of Buying Medicare Advantage Plans
The Medicare Advantage Plans are useful because they offer coverage over and above what is offered by the Medicare plans. This thus saves you from spending out of your pocket when you go for some treatment.
Knowing the pros and cons of buying Medicare Advantage Plans will let you take an informed decision.
Provides standard coverage in most of the states
The Medigap polices are offered by the private insurance companies and these plans are offered in different plans. The plans from A to F all have some unique features. However if you buy a plan C from one insurance company then the inclusions and exclusions would be same when you buy the plan C from some other insurance company
Enrollment guarantee for six months
You will be able to enroll into the Medicare Advantage Plans that are sold in the state that you stay in without being turned down due to some medical reason. This is true if you apply for the same within the open enrollment period. This lasts for the first 6 days of the month in which you are 65 years or older. You should also be enrolled under the plan B.
Additional hospitalization cover
The Medigap plans in most of the states will offer additional 365 days coverage after you use up the original Medicare plan.
Coverage that is nationwide
The coverage in most cases can be availed nationwide and thus you are not restricted to use the policy only in a particular state. This is suitable for those who travel a lot.
Guaranteed coverage that can be renewed
If you pay the monthly premiums towards the Medicare advantage plans you will not cease to benefit from the coverage that it offers.
Some of the Medigap plans offer you extra benefits like emergency care when you do a foreign travel etc.
The cost of buying a Medigap plan
The cost of the Medicare 2019 Advantage Plans can help with extra cost. as compared to many of the Medicare plans. This could deter you form making a purchase.
Increase in premium rate
The premium amount that you pay towards the Medigap plan could keep increasing on a yearly basis.
Qualifying outside the period of guaranteed acceptance
The Medigap coverage could be denied to you after the open enrolment period. This could be because of any personal health condition. You could be declined or the coverage could end up costing more.
No coverage offered for the prescription drugs
There is no coverage that is offered for the prescription drugs. So you would need some additional medical insurance plans.