Choosing the Best Medicare Advantage Plan in 2021

The Medicare Advantage Open Enrollment Period is right around the corner. If you want to be prepared to shop for a new Medicare Advantage plan, you’ll need to know what to expect. Annual changes in Medicare can make it feel difficult to know which plan is best for you. Fortunately, Time for 65 has the knowledge and expertise to guide you through the process.

First, we will take a look at a few things you can do to find the best Medicare Advantage plans. Second, we will provide our recommendations on the best MA plans for certain individuals. Let’s get started!

How to Find the Best Medicare Advantage Plan in 2021

Just because one Medicare Advantage plan works for someone else doesn’t mean that it will work for you. This means that you will need to evaluate your individual circumstances to see what you need and what you can afford. Here are a few factors that you’ll have to consider:

Your Healthcare Budget

Whether you’re still working or you’re living on your Social Security benefits, you’ll need to set a budget for healthcare. Luckily, Original Medicare and Medicare Advantage plans are designed for seniors on a fixed or limited income. Nonetheless, the cost of healthcare continues to rise each and every year. Thus, you will need to evaluate your healthcare budget every year and see if a new plan is the best option for you.

Your Healthcare Needs

Do you require prescription medications? Do you use Durable Medical Equipment (DME) like walkers or oxygen tanks? Or do you have relatively few healthcare costs at the moment? Your answer to these questions will help you determine which plans are best for you. Some plans will help you save on prescription drugs and DME, while others are designed to be “emergency healthcare” options for people with relatively few medical needs.

Time for 65’s Medicare Advantage Recommendations

There are numerous Medicare Advantage plans, so choosing the right one for you is key. Fortunately, we have a few recommendations based on your circumstances:

• Health Maintenance Organization (HMO) – An HMO plan is best for individuals who do not travel and live in close proximity to their preferred physicians. For example, if you live in a nursing home or assisted living facility, an HMO is a good choice. The costs are relatively low as long as you use doctors and facilities in your plan’s network.
• Preferred Provider Organization (PPO) – A PPO plan is best if you are still relatively mobile. In other words, if you still work or travel, a PPO is a good choice because it provides coverage for out-of-network medical care. Most HMO and PPO plans also provide Part D prescription drug coverage.
• Special Needs Plan (SNP) – An SNP is designed for people with certain conditions or disabilities. You’ll need to make sure that your condition qualifies for an SNP plan before making a purchase. In any case, SNP helps pay for high-cost disability treatments.
• Medical Savings Account (MSA) – An MSA is best for people who have relatively few healthcare costs right now. These high-deductible plans also come with a savings account. Your provider automatically puts a set amount into your savings account so that, with time, you’ll have funds ready when you do need medical treatment in the future.

The Bottom Line

Choosing the right Medicare Advantage plan in 2021 is important. As you can see, plans vary widely. Be sure to evaluate your own needs and budget before making a decision!

If you’re interested in learning more about Medicare Advantage plans in 2021, contact Time for 65’s licensed partnered agents today. Fill out this form or give us a call today to see how we can help.