How Much Could A 2019 Medicare Advantage Plan Save Me? Pt1

How Much Could A 2019 Medicare Advantage Plan Save Me? Pt1

To calculate how much money a Medicare advantage plan could save you, you could do a little work on your part, but in some cases it makes economic sense to buy one.

What is a Medicare advantageal plan?

Medicare advantageal plans are offered by private insurance companies and can help pay for the costs of services included in Medicare Part A and B. These costs include: deductibles, coinsurance, hospital costs, co payments, after your Medicare covered days have been exceeded, health care costs, and more.

Some additional benefits are offered by Medicare advantages that are not included in Medicare Part A and B, e.g. reduced coverage for emergency services when traveling abroad.  If you already have Medicare Part A, which is generally entitled to pay for hospital services, some qualified hospice and hospice care centers, and Medicare Part B, which is generally available for medical services such as doctor visits and outpatient diagnostic services. , you qualify to apply for a Medicare advantageal plan. (However, your inclusion in a plan is not always guaranteed).

Depending on where you live, you may have a couple of advantageary Medicare plans to choose from. With the exception of Minnesota, Massachusetts, and Wisconsin, who have their unique standardized Medigap policies, Medicare advantageal plans are contained in 10 standardized plans, listed in alphabetical order. An insurance company does not have to offer the 10 standardized performance plans, and not all plans may be available in your place of residence. However, any standard Medicare advantage plan must offer the same standard benefits regardless of which insurance company sells it.

The cost of a Medicare advantage plan, i.e. the monthly premium may differ depending on the insurance company that offers the plan where the plan is offered and the standardized benefits. The more coverage the plan offers, the greater the premium it charges. To see what is covered by each Medigap plan, you can read the Comparison Chart for Medicare Advantage Plans. You may also find out which Medicare advantageal plans are available at your place of residence and your costs by providing your zip code.

How can you calculate how much a Medicare advantage plan can save you?

To measure your savings due to a Medicare advantage plan, you should consider several factors that are based on your health experiences and what you can reasonably predict in terms of your future health care and coverage needs. You can collect your medical bills and Medicare quarterly summary notices from the previous year, more or less, before you begin.

How much are you paying for medical costs that are not paid for by Medicare? Sum up the amounts of your deductible for Medicare, Part A and B, and also your co insurance and co payments from Part A and Part B.  Has your health changed lately? Do you need more medical care more often than last year? Do you expect many visits to the doctor? Spend time in hospitals or nursing homes? Will you need durable medical devices that Medicare Part B will pay for?