Every time you visit the hospital or go to the clinic, you will be charged by your healthcare professionals. You can either pay those costs out of pocket or have a medical insurance plan cover some or all of those costs for you. Most seniors opt for Original Medicare to cover their inpatient and outpatient costs, but there will be many times where that kind of basic plan simply isn’t enough. Medicare Advantage plans for New York for 2020 can be the answer in these situations.
The Advantage plan comes with powerful coverage that can take care of the cost of pretty much everything that Original Medicare covers and then some. That would be all of the services and expenses related to Medicare parts A and B (excluding hospice care). You would still have to pay the Part B premium, however.
Medicare Advantage is also going to cover you for necessary expenses like urgently needed care and emergency care. These are common expenses for many seniors, and while it may be unpleasant to think about needing that kind of healthcare, having the cost of that covered can bring incredible peace of mind to the insurance plan subscriber.
Medicare Advantage Options
You get some unique coverage options with Medicare Advantage that are not offered by the other healthcare plans. Your primary options are for coverage.
The cover we have already discussed with you is just basic coverage. That’s Medicare parts A and B, emergency care and urgently needed care. You can choose a higher coverage Advantage plan, though, such as one that includes Medicare Part D, which is a prescription drug coverage plan. You can also choose Advantage plans that will cover you for checkups and other expenses throughout the year.
Another option you have with Medicare Advantage is for where it is going to cover you. Each insurer in New York has a limited network on which to offer its coverage. If you sign up with a major insurance carrier like Aetna, then they will have a very large network, but there will be some parts of New York that their network does not extend to. These may be clinics, doctor’s offices or hospitals that do not honor Aetna’s plans.
The standard Medicare Advantage plan is an HMO one. This is what most people choose, and it only offers you coverage while you are on the network receiving treatment there at approved facilities. It’s a cheap and affordable option that appeals to most seniors who live inside the network area for their provider.
There is another option that is also quite popular, though. That would be the PPO option, and this kind of Advantage plan cost a bit more and covers you on the network too. But it goes further than that and covers you partially wherever you go outside of the network for your healthcare.
You will have to carefully decide between these two, and your plan will be labelled clearly as to which one it offers. If you purchase your plan through Mutual of Omaha, for example, you may see a Medicare Advantage plan that is named something like “Mutual of Omaha Medicare Advantage PPO”. This tells you what kind of network option you are getting. Remember that the network option will affect pricing, but it can also save you money if you get the one that is most relevant for your location.
Medicare Advantage Pricing
All of the Medicare Advantage plans for New York in 2020 are going to priced by the individual insurance carriers. So, Aetna sets their own rates, and Mutual of Omaha sets their own rates, and so on. Many of them are directly competing with one another, so you will see very similar rates but don’t expect there to be standardized pricing that is set by Medicare, because that is not the case. Medicare gives these companies free range to set their prices and to determine what kind of plans that they will offer.
It’s in your best interests to take time to compare the prices on Medicare Advantage plans. You should be looking into the cost for the coming year and comparing plans to see which one is the most economical. Now, you have other factors to consider than just how much the plan costs. For instance, you need to think about how well the plan will cover you and what kind of member benefits you get by signing up for a Medicare Advantage with one insurance provider over the same plan from a different provider.
New York rates on Medicare Advantage plans can be as low as $0 for the monthly premium. That low rate is actually pretty common, and the way the insurance carriers make their money on these plans is to give you a high deductible with that low monthly premium. This can be a great option for seniors who are rarely in the hospital and who are in pretty good health.
The prices range from incredibly low to very high, so you do want to spend some time comparing rates and making sure that you get the best deal.
How New York Residents Can Get Medicare Advantage
Anyone interested in signing up for Medicare Advantage will need to do so during the Open Enrollment period this year. This takes place starting October 15th and runs until December 7th. Your plan and its coverage will then go into effect on January 1st of 2020. You might not sign up in time for the enrollment window, and if that happens, then you can just wait until the same time next year to apply for your plan. We do suggest you only apply during Open Enrollment to get the best deal and to have the best chance of having your application approved.
If you want to know more about signup times or enrollment for Medicare Advantage plans for New York in 2020, then please let us know. We would be happy to answer your questions and make sure you feel good about the coverage plan you are choosing.
Compare Medicare Advantage Plans for 2020