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How much do Medicare Advantage plans cost?
How much do Medicare Advantage plans cost? The answer to this depends on a few factors, including the type of plan you choose, where you live, whether you want prescription drug coverage, how often you plan to use the plan, and whether the plan is out-of-pocket costs.
That said, nearly two-thirds of Medicare Advantage subscribers with prescription drug coverage had a $ 0 premium in 2021, while the remaining third paid an average of $ 60 per month. This corresponds to an average of $ 21.22 in 2021, according to the CMS. The average premium for Medicare Advantage plans in 2022 is less than $ 19 per month.
Regardless of the monthly cost, there may be limitations on the services provided by the Medicare Advantage plan. For example, nearly all Medicare Advantage plans require preauthorization for certain services, which may include preventative services, durable medical equipment, and Part B drugs.
Not having a monthly premium doesn’t mean you won’t have to incur direct costs. Make sure you read the details of your plan carefully to understand the costs you will be responsible for.
How to choose or change your Medicare Advantage plan
Medicare Advantage plans vary by location. For details and availability of those near you, visit the Medicare website. As you compare plans, check out:
Plan type and rules- Premium
- Deductible
- Co-insurance
- Copays
- List of approved drugs
- Network Providers
- Additional benefits such as dental or sight
Regardless of the plan you choose, you can only enroll in Medicare Advantage plans during:
- The initial enrollment period when you first qualify for Medicare
- Special registration periods following specific events
- Registrations are open
During the open enrollment and Medicare Advantage open enrollment period, you can change your existing MA plan or revert to the original Medicare.
You can only make one change during your Medicare Advantage open enrollment period. It is important to take some time to research the options before requesting the change.
When you have Medicare Advantage, you may also need to purchase Medicare Part D if yours doesn’t cover prescription drugs. Also, although many people use Medigap plans to fill gaps in original Medicare coverage, you cannot purchase these plans if you have Medicare Advantage.