There are different options to choose from when it comes to Medicare Advantage plans so it’s important to take your time and consider your options before you sign up for one.
That’s because your Medicare Advantage plan will determine the costs you end up incurring when the rubber meets the road as well as your experience when it’s time to make a claim.
Read on for some of the plans that you have at your disposal right now.
- Health Maintenance Organization
An HMO is basically a network that includes different types of healthcare professionals, doctors, and hospitals.
As an insurance company, HMOs offer discounts to their members in exchange for only using healthcare providers within that network.
This is a small price to pay considering that HMOs offer the cheapest health insurance plans around, and if you get in an emergency then you’re eligible for out-of-network healthcare services at that point.
- Preferred Provider Organization
PPOs are similar to HMOs in that they have a ready-made list of healthcare providers available for you, with the only difference being that you’re not obligated to use in-network providers though.
Of course, using an in-network provider is cheaper and you don’t need a referral from a primary care physician in order to see a specialist.
PPOs are not as cost-effective as HMOs and the best advice that you can get when it comes to them is to figure out what kind of specialist you need to work with beforehand.
The best part is that Medicare Advantage plans 2022 PPOs almost always come with coverage for your prescription drugs.
- Medical Savings Account
This is a type of health savings account that’s not very common but it’s useful.
Similar to HSAs, MSAs are available as a special savings account and they’re available as a health insurance plan with high deductibles. The only difference is that the insurance company behind the MSA does the saving for you.
This savings account can be very beneficial when it comes to paying for health care expenses (tax-free) that aren’t included in your Medicare coverage.
Just make sure to not spend your MSA savings on anything outside of your healthcare expenses or else you won’t be exempt from taxation and this will defeat the purpose of opting for this type of healthcare plan in the first place.
- Private Fee-for-Service
PFFSs are made for Medicare specifically and they’re designed to enable policyholders to see any health care provider that accepts Medicare.
This gives you access to a wider range of health care professionals to choose from since most PFFSs don’t have specific networks that members are directed to.
Similar to the previous option, PFFSs don’t require you to get a referral from a primary care physician in order to benefit from the plans.
But you should always discuss that you’re using a PFFS plan before you make an appointment with any physician or doctor to make sure that they accept your plan’s payment terms.