{"id":18844,"date":"2023-09-12T17:23:35","date_gmt":"2023-09-12T17:23:35","guid":{"rendered":"https:\/\/isafespend.com\/personal-finance\/retirement\/how-much-will-your-free-medicare-advantage-plan-really-cost\/"},"modified":"2023-09-12T17:23:36","modified_gmt":"2023-09-12T17:23:36","slug":"how-much-will-your-free-medicare-advantage-plan-really-cost","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=18844","title":{"rendered":"How Much Will Your \u201cFree\u201d Medicare Advantage Plan Really Cost?"},"content":{"rendered":"
\n

When it comes time to shop for Medicare coverage, Medicare Advantage plans have become a very popular option. More than half (51%) of eligible Medicare beneficiaries are enrolled in Medicare Advantage in 2023. That\u2019s an increase of 19% to 46% from 2007 to 2021.<\/p>\n

What makes these plans so popular? One reason might be costs, specifically the low monthly premiums. Zero-premium plans are available to 99% of beneficiaries. And for many, no premium equates to free. I lost count of the number of times someone has talked about their \u201cfree\u201d Medicare Advantage plan.<\/p>\n

Recent real-life example<\/strong><\/h2>\n

Consider this recent situation. In August, a large health system reported that it may stop accepting Medicare Advantage plans. A local news station interviewed a Medicare Advantage plan member, who said that this will \u201cbe a financial burden for a lot of people because (her plan) is free.\u201d<\/p>\n

<\/fbs-ad><\/p>\n

The article noted the insurance company but did not identify her specific plan. In her community, this insurer sponsors four plans with health and drug coverage so I decided to check them out. Three have monthly premiums, ranging from $40-$200 so they could not be considered free.<\/p>\n

The fourth has no monthly premium, no health plan deductible, and no copayment for the primary physician, a good start toward free. However, there are out-of-pocket costs for many services. For example, up to $40 for a specialist visit, $40 for a physical therapy visit, $405 for the first four days of inpatient hospitalization, and 20% for chemotherapy. Those who chose this specific coverage will write checks up to the plan\u2019s maximum out-of-pocket limit, which is $6,200 in-network this year.<\/p>\n

A chance to review your coverage<\/strong><\/h2>\n

Open Enrollment begins next month, October 15. This is the opportunity to shop for and change Medicare Advantage plans. If you\u2019re in the market for a new plan, here are some tips to help you find the most cost-effective one.<\/p>\n<\/div>\n

Check out\u00a0<\/span>my\u00a0website\u00a0or\u00a0some of my other work\u00a0here.\u00a0<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

When it comes time to shop for Medicare coverage, Medicare Advantage plans have become a very popular option. More than half (51%) of eligible Medicare beneficiaries are enrolled in Medicare Advantage in 2023. That\u2019s an increase of 19% to 46% from 2007 to 2021. What makes these plans so popular? One reason might be costs,<\/p>\n","protected":false},"author":1,"featured_media":18845,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[55],"tags":[],"class_list":{"0":"post-18844","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-retirement"},"yoast_head":"\nHow Much Will Your \u201cFree\u201d Medicare Advantage Plan Really Cost? | iSafeSpend<\/title>\n<meta name=\"description\" content=\"When it comes time to shop for Medicare coverage, Medicare Advantage plans have become a very popular option. 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