Medicare Advantage plan costs will vary by:
- Zip code
- Plan Type
- Copays for services – remember these plans have a “pay as you go” for services provided
- 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.
People Also Read: When can I enroll in a Medicare Advantage Plan?