Find to Medicare Advantage Plans 2010
The Centers for Medicare and Medicaid Services (CMS) recently released information about Medicare Advantage plans available in 2010. The good news is that, on average, seniors will be able to choose from more than 30 plans in 2010. Depending on where you live, you can even select between more than seventy different Medicare Advantage plans.
While the total number of plans has declined with fewer Private Fee-For-Service (PFFS) plan offerings, HMOs (Health Maintenance Organizations) will be the most common type. Insurance companies, such as HealthNet withdrawing from the PFFS market are still offering HMO plans and other Medicare Advantage plans of various types. Other private Medicare health insurance carriers like Kaiser Permanente announced there will be no changes in their plan offering in 2010.
If I already have an Advantage Plan, how does this affect me?
While fewer beneficiaries will be in plans with zero premium in 2010 compared to 2009 (a decline of 7 percent), a plan with no premium does not necessarily represent the best value. Out-of-pocket costs are affected by a combination of premiums, covered benefits and cost-sharing requirements.
When you decide to remain in your plan in 2010 you most likely will face a premium increase; the percentage of the increase will vary from plan to plan. The average weighted premium for continuing Medicare Advantage Plans increased 22 percent for HMOs in 2010, 37 percent for local PPOs, 55 percent for regional PPOs, and as much as 78 percent for PFFS plans.
So it is probably a good idea to review your plan options, carefully comparing premiums, benefits, cost-sharing and provider networks, and selecting the option that best meets your individual needs. However, you can only make changes to your existing plan each year between November 15 and December 31.
I don’t have a Medicare Advantage Plan yet – is this a good time to enroll?
Many experts believe now is the best time to enroll. Fewer plans with zero additional cost over your Part B premium might be available in the future and the premiums are rising. With Medicare Advantage you generally pay lower co-payments and get additional benefits such as coverage for extra days in the hospital, vision, dental, hearing, and preventing services like annual physicals and coverage for emergency services while traveling or even fitness programs. It is definitely worth checking out your options of Medicare Advantage Plans available to you.
Tags: Medicare Advantage