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How much does a Medicare Advantage Plan Cost?

how-much-does-a-medicare-advantage-plan-cost

Medicare Advantage plan costs will vary by:  

  • Zip code
  • Plan Type
  • Premium
  • Copays for services – remember these plans have a “pay as you go” for services provided
  • Coinsurance 
  • Deductibles
  • Maximum out of pocket expenses

Medicare Advantage plans are based on your zip code.  This determines your eligibility for a plan and any costs associated with that plan.  Costs for these plans are set by your provider, not Medicare.  Each year, new plans are announced with an outline of costs that you will pay.  It is important for you to pay attention to more than just the monthly premium cost.  Monthly premiums for these plans are low and some have $0 premium.  How much you pay for each service you use depends on the plan.  Cost vary by plan and include the following:

  • Part B Premium:  You will still pay your Part B premium of $148.50 in 2021  
  • Plan Premium
  • Deductible:  A set amount that you pay before your plan starts to pay.  
  • Copay:  A fixed amount that you pay each time you receive a covered service.  
  • Coinsurance:  The amount you pay as your share for the cost of a covered medical service.  
  • Maximum out-of-pocket:  Most plans do have a maximum out-of-pocket for major medical services.  This is the most you will have to pay for covered services in a plan year.  
  • Travel:  Does this plan cover you in most states?  Review this option carefully if you travel or you can have added expenses.

Learn More: Medicare Advantage Plans: Example of Costs for Deductible, Copays, Coinsurance and more.

People Also Read: When can I enroll in a Medicare Advantage Plan?

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Meet Melissa MacCalla

Medicare is not simple and can be hard, frustrating, and downright confusing for most. I love when I get someone on the phone and I am given the opportunity to explain the difference in plans to them and have Medicare make sense. I enjoy talking to clients year after year, hearing about their families growing or them asking about mine.

-Melissa

Senior Healthcare Solutions, you truly stand out from most other insurance agents. Thank you so much for all of your help and I know that you will have nothing but success with how you conduct business.

Joan B.

Montgomery, AL

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