Medicare Advantage Plans are a popular option for many Baby Boomers. The cost many times is the same or not too much more than the cost of regular Medicare.
The Medicare Advantage program was began under President Bill Clinton back in 1997 and was not created under Obama Care as many people think.
Medicare Advantage Plan Explained
The Medicare Advantage Plan is just a private insurance plan that you join and which may work like your current medical insurance plan. In other words, a network plan where the federal government pays for private health coverage in lieu traditional Medicare. Under the Advantage Plan you have your own summary of benefits and your plan will pay your medical providers instead of paying Medicare.
Some baby boomers will find a better value in a Medicare Advantage plan. I am turning age 65 in a few months and have decided to go with an Advantage Plan which includes prescription drug coverage and The Silver Sneakers program which will pay for my gym membership. The cost of my Advantage plan is the same as traditional Medicare. So far I have been lucky not to have too many health or medical problems so I think this plan is best for me. The Advantage plan will put a limit on your out of pocket medical health spending compared to the original Medicare which does not.
But no plan is best for all baby boomers, so compare the Advantage plans with the Supplement plans and see which best meets your needs.
Contact any of the major medical health insurance company for more information and for an estimate. Many of these insurance companies give Baby Boomers a free Medicare Advantage seminar to explain the plan program and answer your questions.
More information on Medicare Advantage Plans here.
November 1, 2020: Open Enrollment started — first day to enroll, re-enroll, or change a 2021 insurance plan through the Health Insurance Marketplace®. December 15, 2020: Last day to enroll in or change plans for 2021 coverage.