Medicare Advantage Plans in 2021 — the same as any other year — provides additional coverage on top of Original Medicare (Part A and B). With a Medicare Advantage Plan, you get the full benefits of additional coverage of your choice such as dental, vision, hearing, etc.
You can think of Medicare Advantage Plans as a package that includes Part A and B and additional coverage. However, you must be careful when choosing your coverage. We suggest sitting down and reviewing all the options and what you need and if the plan covers it or not.
Since Medicare Advantage Plans are offered by private health insurers, you have more options when it comes to flexibility. This will allow you to pick a plan that will supplement your healthcare needs with Original Medicare.
Medicare Advantage Premiums in 2021
Given Medicare Advantage Plans are offered by private health insurers, there isn’t a set price for the monthly premiums. Added with Part A and Part B monthly premiums, you can expect to pay as little as nothing to $300 monthly.
If you’re getting premium-free Part A, the premiums you pay for a Medicare Advantage Plan will be next to nothing. If you paid Medicare taxes for more than 40 quarters (10 years), you don’t pay for Medicare Part A which lowers the cost of premiums significantly.
Although there are plans that have no premiums, each additional healthcare service you require can add up to the monthly premiums. For example, including prescription drug coverage to your Medicare Advantage Plan will increase the costs. The costs won’t go up all of a sudden though. The increase in monthly premiums is usually between $20 to $50 for prescription drug coverage.
If you’re wondering how much you are likely to pay in 2021 — if you keep everything on your coverage the same — the maximum increase should be about $20. If it is more than that, it may be the time for switching up insurers or talk to the insurance company providing your Medicare Advantage Plan and ask for smaller monthly premiums.
Best Medicare Advantage Plan Insurers
The best insurer is going to depend on your geographical location, whether or not you travel often and want to be covered when you travel or have special needs. Having said that, the best Medicare Advantage Plan insurer will be different for everyone.
Cheapest Medicare Advantage Plan: Aetna
Medicare Advantage Plan for Special Needs: Cigna
Best Coverage: Kaiser Permanente
Best Network : Highway
For example, if you’re looking for coverage for your special needs, we suggest Cigna as the company offers individuals plans. On the other hand, if you don’t require special coverage and want to be covered no matter where you go, we suggest Kaiser Permanente. If the networks don’t bother you but you want to get the top doctors in your area, Highmark is your best bet.
On the other hand, you will find the cheapest Medicare Advantage Plan coverage in 2021 at Aetna as the company keeps the costs at a very low rate. Again, we suggest taking a deep look at your coverage before purchasing any to see if it meets your needs. This is how you get the most out of Medicare Advantage.