There are over a dozen Medicare Advantage plan in Las Vegas. We are agents for all of them. Before we get to the plans, let’s take a step back and discuss what is a Medicare Advantage plan.
Medicare Advantage plans are also called Medicare Part C. They were created in 1997 as a way to reduce the government’s cost of Medicare by offering a privatized option. They have not reduced the cost of Medicare for the government, but they have made Medicare more affordable for many seniors.
Medicare Advantage plans are still Medicare, but they are an insurance company’s version of Medicare. They usually take Medicare Part A Hospitalization, Part B Medical, and the Part D Drug Plan and roll them into one plan. Most Medicare Advantage plans are network plans such as an HMO or PPO. When you elect to join a Medicare Advantage plan, you are guaranteed to have equal or better benefits than Original Medicare. The only catch to a Medicare Advantage plan is that you no longer have the freedom of Original Medicare. In most cases, you must use the network of doctors associated with your insurance company’s plan.
The reason that most people join a Medicare Advantage plan is to reduce the cost of Medicare. Medicare alone can be costly. If you are hospitalized, you must pay a deductible of $1183 even if you only stay for one night. For all other services, you pay 20% of the cost with no limit. If you have a $100,000 bill, you are responsible for $20,000.
Medicare Advantage plans have a built in safety net. Every Medicare Advantage plan is required to have an annual maximum. If you reach the maximum, you are not required to pay anymore until the start of the new year. With some plans, the maximum can be as low as $2,500 a year. That is significant considering that Medicare has no maximum.
It is also important to know that over the next several years there will be many changes coming for Medicare Advantage plans. These plans are facing a rather significant reduction in funding from the Affordable Care Act. The impacts are not fully known at this time, but what we do know is that Medicare Advantage plans will face $2,929 of cuts per Medicare beneficiary between now and 2017. Visit our Medicare Blog to stay current on this and other Medicare topics.
If you are considering a Medicare Advantage plan in Las Vegas, we are here to help. We have years of experience in the Las Vegas Medicare market. We will explain how Medicare works and help you find a plan that you will be comfortable with. Best of all, our services come at no cost to you. If you use our services to find a great Medicare plan it will save you time and frustration. If you don’t use us, it will not save you money. In other words, we are here to help – put us to work for you!