Fact & False: Is Medicare Advantage Really ‘FREE’?

Just about everybody’s seen the commercials that come on tv advertising ‘free’ Medicare Advantage plans. This has created a lot of confusion for seniors who are searching for the best Medicare plan for their unique needs with all the options available. 

That’s why we’re going to break the matter down to reveal the truth about Medicare Advantage. We’re going to see whether the claim of medicare advantage being ‘free’ is fact or just fiction.

Get the full story in the 2020 Guide to Choosing Your Best MEDICARE Plan

What is Medicare Advantage?

Medicare Advantage is sometimes called “Part C” – and includes both Part A (Hospital Insurance) and Part B (Medical Insurance). Private insurance companies approved by Medicare provide the coverage plans. You may choose your providers by health care providers who participate in the plan’s network. 

Costs:

• In 2020, the standard Part B premium amount is $144.60 (or higher depending on your income).
• You usually pay a monthly premium for your MA Plan (in addition to your monthly Part B premium).
• You may pay a copayment or coinsurance for covered services. Many MA plans offer vision, hearing, and dental coverage. Costs, extra coverage, and rules vary by plan.
• Though plans have a yearly limit on your out-of-pocket costs, they are usually much higher than the out-of-pocket costs for Supplement Plans. Once you reach that generally high limit, you’ll pay nothing for covered services for the rest of the year.

Certainly, you’ve seen the commercials offering Medicare Advantage Plans with Dental, Vision, Hearing, and Drug Coverage all with $0 premiums, deductibles or copays.

Another popular commercial promises FREE hearing aids, eyeglasses, meal delivery and rides to appointments.

Have you ever heard the saying… 

“There’s no such things as a free lunch?”

It’s true in the case of Medicare insurance. In fact, ‘free’ often ends up costing seniors a fortune. What’s worse, many of these seniors don’t have a fortune to give.

For starters, the small print in all of these commercials and ads allude to the many restrictions, limitations and annual maximums, as well as the availability based on carriers and locations. 

Still, because of the big promises made in these ads, tons of seniors call in looking for a ‘free lunch.’ 

It’s NOT your fault! Most seniors simply trust that what people advertise is what they actually mean. Unfortunately, advertising can be shamelessly deceptive.

Secondly, even if you do qualify for these ‘free’ plans, most people may not prefer them because they come with higher risk of high out-of-pocket medical costs.

Gain INSTANT ACCESS to the tell-all, fresh-off-the-presses report called 2020 Guide to Choosing Your Best MEDICARE Plan.

• Dispel the myths and finally get the INSIDE SCOOP everyone should know about Medicare benefits
• Break through the cloud of confusion and misinformation and once-and-for-all gain clarity on how Medicare Advantage vs. Medigap ‘Supplement’ Plans work
• Discover the best next step to maximizing your Medicare benefits while minimizing costs and financial risk based on your unique needs

CLICK ON THE IMAGE BELOW TO SIGN UP FOR YOUR FREE GUIDE!

Medicare Advantage Plans Pros & Cons

Before listing pros and cons, know this; there are multiple plans and a lot of variables, making it difficult to make a clear-cut pros and cons list. Generally speaking, these are the features in Advantage Plans.

Pros of Advantage Plans:

• Low to No Monthly Premium – Some advantage plans do offer $0 monthly premiums. However, these same plans typically come with very high deductibles, co-pays, and other backend costs
• Potential Free Perks – It is possible for some to get Dental, Vision, Hearing, and Drug Coverage. And also, qualifying members get things like FREE hearing aids, eyeglasses, meal delivery and rides to appointments

Cons of Advantage Plans:

• Higher Risk of Out-of-Pocket Medical Costs – The high cost of ‘free’ advantage plans are deductibles that can be thousands, higher co-pays, and other costs. That’s why many Advantage Plans feel more like ticking time-bombs just waiting to explode your budget with high medical bills you can’t afford 
• Strict and Limited Network of Medical Providers – Advantage plans offer a limited and smaller list of ‘in-network’ doctors, hospitals and other medical service providers. This could mean that your doctor, more desirable professionals and hospitals, and specialists could be ‘out-of-network’ for the care that you need. So, while you may get a lot of miscellaneous perks, you may not get the core and essential health care that you want and need.
• Significant Variables – There’s no standardized benefits you can know you will receive from year to year, person to person, or state to state. 

Also, please note that once you’re locked into a plan for the year, you’re stuck with it. You can’t back out and change plans until the new open enrollment period for the next year begins. 

Bottom line, there’s no such thing as a ‘free’ lunch. 

Your high out-of-pocket costs for medical services and the significantly smaller network of healthcare providers are common problems seniors have with Medicare Advantage Plans.

Get the full story in the 2020 Guide to Choosing Your Best MEDICARE Plan

Take the Best Next Step!

Schedule a No Cost, No Obligation MEDICARE SOLUTIONS CONSULT with the Health Insurance Expert, Aubrey Allred. In this video meeting or phone call, you’ll get all your questions answered and find the very best Medicare insurance solution for your individual needs.