In 2023, more people opted for Medicare Advantage than ever before! 😳 Join Ashlee Zareczny in this quick, easy-to-follow video as she breaks down Medicare Advantage Plans for 2024. Explore coverage, pricing, and more so you can make an informed decision!
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For the first time ever, more Medicare enrollees enrolled into a Medicare Advantage Plan than a Medicare Supplement Plan for 2023. Now, this is big news. So we thought, why not take this opportunity to make a video to go over Medicare Advantage Plans and how they work. Now when you're enrolled into Medicare, you have 2 options for your supplemental coverage. Think of this as a fork in the road. You can choose the path of the Medicare Advantage, or you can choose the path to enroll in a Medicare Supplement Plan. Now remember, you cannot enroll in both a Medicare Advantage Plan and a Medicare Supplement Plan at the same time. So it's important to understand what each path has to offer to make sure you are going down the right path for your needs. For today's purpose, let's go down the path of Medicare Advantage and go over what these plans are and how they work. Now, to be eligible to enroll in a Medicare Advantage Plan, you must first have Original Medicare. Both Part A and Part B. To recap, your Medicare Part A is going to be your hospital coverage. So this is gonna cover costs if you are admitted as an inpatient to a hospital. It'll also cover costs such as skilled nursing facilities. Then you have your Medicare Part B, which is gonna be your medical cost. These are gonna be your outpatient costs. So, such as doctor visits, or receiving durable medical equipment and much more. Now Medicare Advantage Plans consist of Original Medicare Part A and Part B. But oftentimes, they include additional benefits that is not covered by Original Medicare. It's no wonder why these plans have become so popular, so quickly. But let's not forget that many of the Medicare Advantage plans will also include prescription coverage. That is your Part D coverage. So let's jump over and talk about the cost of Medicare Advantage Plans. Medicare Advantage Plans do often have a monthly premium. Now, unfortunately, because these plans are not standardized, They vary from plan to plan, as well as zip code to zip code. So, unfortunately, we are unable to provide a average of the monthly premium on Medicare Advantage Plans. However, let's not forget that with the monthly premium, You are also responsible to pay the Part B premium. Now for 2024, the standard Part B premium is going to be $174.70. Now If you are somebody who has had a higher income, your Part B premium might be higher than the standard. Unfortunately, many people often think that if they enroll into a Medicare Advantage Plan, they are no longer responsible for that premium. Now in addition to these 2 premiums, you also need to pay attention to additional costs included in the Medicare Advantage Plan. If your plan offers Part D coverage, you will be responsible for deductibles and co-payments for your prescriptions. Now, always make sure that your prescriptions are covered under the plan that you choose. Okay? Cause that will determine what you're out-of-pocket cost will be for those prescriptions if you pick them up at a pharmacy. Also, you will be responsible for co-payments and deductibles under the plan for any medical services that are covered. This is important to understand and know what you will be responsible for and out-of-pocket cost. Nobody likes surprises on their medical bills. And then lastly, check out the plan's yearly max out-of-pocket. If you are unfamiliar what a max out-of-pocket is, This is the most you will spend in a calendar year with the plan. Okay? So if you have a bad medical year, you at least know that you only are responsible to pay the most of the max out of pocket. Anything in addition to that max out-of-pocket as long it is covered by the plan, you will not be responsible for paying those costs. Now, again, this is yearly. So if you change plans or if you choose to stay enrolled in the same plan, this yearly max out-of-pocket will reset each calendar year. And that concludes our video. Thank you for watching. We hope you enjoyed this video. As a reminder, please don't forget to like and subscribe. And if you have any questions, go ahead and those in the comment section. See you in the next one. Bye.