Medicare Advantage Plans, also known as Medicare Part C, are healthcare plans offered by private insurance companies. These plans offer the same coverage as Original Medicare (Part A and Part B), and many plans may include additional coverage benefits as well.
With Medicare Advantage Plans, you have the freedom to choose a plan that suits your unique healthcare needs while enjoying the convenience of a single plan that covers multiple services.
Although choosing a plan might seem confusing at first, we’re here to help make the process easier for you.
Here on our website, you can learn about Medicare Advantage plans, compare options in your area, and even enroll online.
Compare Medicare Advantage Plans in 2024
Whether you are new to Medicare and this is your first time in a Medicare Advantage plan, or you’re already enrolled in Medicare, it’s important to understand all the options available to you.
Our licensed insurance agents are here to help answer your questions and find a plan that fits your needs the best.
Enrolling in a Medicare Advantage Plan
It’s important that you understand the different time periods that you can enroll in, or change, a Medicare Advantage plan.
Medicare Initial Enrollment Period
For anyone new to Medicare, the easiest and most convenient time to enroll in a Medicare Advantage plan is during your Initial Enrollment Period (IEP).
This period begins three months prior to you turning age 65, includes your birth month, and lasts until three months after your birth month for a total of 7 months.
Enrolled in Medicare Already and Changing Plans?
For those who are already enrolled in Medicare and looking to change Medicare Advantage plans in 2024, or enroll in one for the first time, you may do so during the Medicare Annual Enrollment Period (AEP).
AEP runs from October 15th – December 7th each year.
During this period, you may:
- Disenroll from your current Medicare Advantage plan and enroll in a different one
- Disenroll from your current Medicare Advantage plan and return to Original Medicare and apply for a Medigap plan if you wish
- Disenroll from your Medigap plan and enroll in a Medicare Advantage plan
- Change your standalone Medicare Part D prescription drug plan
What do Medicare Advantage Plans Cover?
Medicare Advantage plans are required to provide at least the same level of coverage as traditional Medicare (Part A and Part B). This means that Medicare Advantage plans cover hospital stays, doctor visits, and other medical services.
Some Medicare Advantage plans may also include other benefits that are not covered by traditional Medicare. These plans and their benefits vary by which company offers the plan, as well as region.
To Qualify for a Medicare Advantage Plan, you must:
- Reside in the same area that the Medicare Advantage Plan Network offers coverage
- Be enrolled in both Medicare Part A and Part B
Different Types of Medicare Advantage Plans
There are four different types of Medicare Advantage plans:
- Health Maintenance Organization (HMO)
- Preferred Provider Organization (PPO)
- Private Fee-for-Service (PFFS)
- Special Needs Plans (SNPs).
Our licensed insurance agents can help you find the right plan to fit your needs.
HMOs (Health Maintenance Organizations)
HMO plans are typically affordable options that provide coverage in a particular network. With an HMO you choose a primary care physician (PCP) and must remain in the network to get coverage, unless in an emergency.
Some HMOs may include prescription drug coverage, however, if you enroll in an HMO that does not include prescription drug coverage, you may not enroll in a separate Medicare Part D prescription drug plan.
PPOs (Preferred Provider Organizations)
PPO plans allow you to see doctors in and out of the network, though staying within the network typically results in lower costs.
Although you do not need to choose a primary care physician with a PPO, it’s important to see if your doctors do accept the plan. Our licensed insurance agents can help you with this.
Medicare Prescription drug coverage may be included in some of the PPO plans, however, it’s important to see how each plan covers your own personal medications.
Private Fee-for-Service Plans (PFFS)
PFFS plans are unique in that the plan decides the amounts that it will pay doctors and providers. To get coverage doctors must agree to the terms of the plan.
Visiting a provider outside of the plan’s agreements may result in much higher costs. Prescription drugs might be offered in a PFFS plan, however, if you find a plan you like that doesn’t offer prescription coverage you may enroll in a stand-alone Medicare Part D prescription drug plan. There is no need to choose a primary care doctor with a PFFS plan.
Special Needs Plans (SNPs)
Special Needs Plans are tailored to people with specific diseases or situations. You must qualify to enroll in one of the SNPs.
You may qualify for one of these plans for conditions such as:
- End-stage renal disease (ESRD) requiring dialysis
Alcohol dependence
Some Autoimmune disorders
HIV/Aids
Many more.
How to Compare Medicare Advantage Plans in 2024
When comparing Medicare Advantage plans, there are several factors to consider. First, you’ll want to make sure that your preferred doctors and hospitals are included in the plan’s network. You’ll also want to compare out-of-pocket costs, including deductibles, copayments, and coinsurance.
It’s also important to review the plan’s drug formulary to ensure that your medications are covered. You should also consider the plan’s star rating, which is assigned by the Centers for Medicare and Medicaid Services (CMS) based on factors such as customer satisfaction and quality of care.
How Much Do Medicare Advantage Plans Cost in 2024?
The cost of Medicare Advantage plans varies depending on several factors, including the type of plan, the insurer, and your location. Some Medicare Advantage plans have as low as a $0 monthly premium, meaning you won’t pay a monthly premium in addition to your Medicare Part B premium. These plans are not free, however.
You’ll still be responsible for any copayments, coinsurance, and deductibles that are charged. Some Medicare Advantage plans may have lower out-of-pocket costs than traditional Medicare, while others may be more expensive.
Medicare Advantage vs Medicare
Original Medicare (Part A and Part B) is a federal program that provides healthcare coverage to eligible individuals. Medicare Advantage is an alternative to traditional Medicare that is offered by private insurance companies.
One of the main differences between the two programs is that Medicare Advantage plans may offer additional benefits. This varies by plan.
Medicare Advantage plans also typically have a network associated with the plan that determines various levels of costs for services, while Original Medicare does not have a network.
Pros and Cons of Medicare Advantage Plans vs Original Medicare
There are several pros and cons to enrolling in a Medicare Advantage plan. Some of the pros include:
- Additional benefits: Medicare Advantage plans may offer additional benefits that are not covered by traditional Medicare, such as prescription drug coverage, dental care, and vision care
- Possible Lower out-of-pocket costs: Some Medicare Advantage plans may have lower out-of-pocket costs than traditional Medicare, making it easier to manage your healthcare expenses.
- Coordinated care: Medicare Advantage plans may offer coordinated care, meaning your primary care physician will work with other providers to ensure you receive the care you need.
Some of the cons of Medicare Advantage may include:
- Limited network: Medicare Advantage plans typically have a smaller network of providers than traditional Medicare, so you may not be able to see your preferred doctors and hospitals.
- Plan restrictions: Medicare Advantage plans may have restrictions on which treatments and services are covered, meaning you may have to pay out-of-pocket for certain procedures or medications.
- Plan changes: Medicare Advantage plans can change from year to year, which means the benefits and costs may be different from one year to the next.
What are the Best Medicare Advantage Plans for 2024?
There is no one best Medicare Advantage plan for everyone, and there are many factors you should consider when deciding on a plan.
When comparing Medicare Advantage plans, it’s important to consider your specific healthcare needs. Here are some questions to ask yourself:
- Which doctors and hospitals do I prefer to use, and are they included in the plan’s network?
- What are the out-of-pocket costs, including deductibles, copayments, and coinsurance?
- Does the plan cover my prescription drugs?
- What additional benefits does the plan offer, and are they important to me?
By considering these factors, our licensed insurance agents can help you find a Medicare Advantage plan that is best for you.
Frequently Asked Questions
What are Medicare Advantage Plans?
Medicare Advantage Plans, also known as Part C, are alternatives to Original Medicare.
These plans are offered by private companies approved by Medicare and combine Part A (hospital insurance) and Part B (medical insurance), and usually Part D (prescription drug coverage). Some plans may include additional benefits as well.
What changes are coming to Medicare Advantage Plans in 2024?
While specific changes can vary year by year, potential changes could include updates to coverage, premiums, deductibles, and out-of-pocket limits.
You may use our website to compare plans and benefits in your area, and even enroll online yourself.
Are there new Medicare Advantage Plans being introduced in 2024?
Typically, new Medicare Advantage Plans may be introduced each year. Keep checking back on this website as you’ll be able to compare Medicare Advantage plans for 2024.
When will 2024 Medicare Advantage Plans be Available?
Medicare Advantage Plans for 2024 will be available to enroll in on October 15th of 2023.
How do changes to Medicare Advantage Plans affect my current coverage?
Changes to Medicare Advantage Plans can affect various aspects of your coverage, including premiums, deductibles, copays, the network of providers, and covered services or medications.
It’s important to review your plan’s Annual Notice of Change to understand how any changes may affect you.
When will I be notified of changes to my Medicare Advantage Plan for 2024?
Medicare Advantage Plans are required to send an Annual Notice of Change to members each year before open enrollment, which starts on October 15.
This document outlines any changes in coverage, costs, or service area that will take effect in January.
You can always compare Medicare Advantage plans using our website by entering your zip code above on this page.
Can I change my Medicare Advantage Plan if I don’t like the changes for 2024?
Yes, you can change your Medicare Advantage Plan during the open enrollment period from October 15 to December 7 each year. Any changes you make will take effect on January 1 of the following year.
Will there be changes to the network of providers in Medicare Advantage Plans in 2024?
Changes to the network of providers can occur in Medicare Advantage Plans. It’s crucial to check your plan’s provider network each year to ensure your preferred doctors and hospitals are still participating.
Are there changes to prescription drug coverage in Medicare Advantage Plans for 2024?
Changes to the list of covered drugs, known as the formulary, can occur each year in Medicare Advantage Plans that include prescription drug coverage. Check your plan’s updated formulary to ensure your medications will still be covered in 2024.
Will there be changes to the out-of-pocket maximums in Medicare Advantage Plans in 2024?
Out-of-pocket maximums in Medicare Advantage Plans change each year. Once these new changes are released from the Centers for Medicare and Medicaid Services (CMS), we will list them.
What should I do if I’m not happy with the changes to my Medicare Advantage Plan for 2024?
If you’re not satisfied with the changes to your Medicare Advantage Plan, you can switch to a different plan or return to Original Medicare during the open enrollment period.
How to Get Started
Finding the right Medicare Advantage plan to fit your needs may seem challenging. Our licensed insurance agents can help answer your questions and show you different options available in your area.