### Key Points
– Medicare Advantage is an alternative to original Medicare that typically includes drug coverage.
– Medicare Advantage plans commonly offer extra benefits beyond what original Medicare provides.
– In some cases, your costs under Medicare Advantage may be cheaper than original Medicare.
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### Understanding Medicare Advantage: Why You Should Consider It During Open Enrollment
If there’s one expense that could seriously impact your budget in retirement, it’s healthcare. As we age, health issues often arise, and even with the best self-care, frequent visits to doctors and specialists can become inevitable.
One effective way to manage your healthcare costs is by choosing the right Medicare coverage — and now is the perfect time to make that decision.
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### Medicare’s Fall Open Enrollment Period Is Happening Now
Between now and December 7, existing Medicare enrollees have the opportunity to make changes to their coverage. This could include switching from one Part D drug plan to another or enrolling in a Medicare Advantage plan for the very first time.
If you’re not familiar with Medicare Advantage, it might seem complicated at first. Here’s a quick overview: Medicare Advantage plans are offered by private insurers and must provide at least the same level of care as original Medicare. They typically include drug coverage, making them a convenient and effective way to manage your health.
Here are three key reasons why you might want to consider a Medicare Advantage plan during this year’s open enrollment period.
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### 1. Extra Benefits Beyond Original Medicare
Original Medicare does not cover certain healthcare services, such as dental exams, vision checks, eyeglasses, and hearing aids. Paying out-of-pocket for these services can quickly add up and eat into your retirement savings.
Medicare Advantage plans often include these supplemental benefits, meaning you may be covered for dental cleanings, eye exams and glasses, and hearing aids.
In addition to these, many plans offer extra health and wellness perks, such as gym memberships or meal delivery services. Since Medicare Advantage plans vary widely, it’s important to carefully review the benefits of each plan before choosing one. If you find a plan that offers valuable benefits you can use, switching could be very worthwhile.
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### 2. Many Plans Have a $0 Monthly Premium
A significant number of Medicare Advantage plans come with a $0 monthly premium. While enrollees still have to pay the standard Part B premium, opting for a $0 premium Medicare Advantage plan might be more affordable than sticking with original Medicare.
This is especially true since many original Medicare beneficiaries purchase a Medigap policy to cover additional costs, which adds to monthly expenses. By choosing Medicare Advantage, you could potentially avoid paying both a Medigap premium and a plan premium, freeing up more of your retirement income.
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### 3. Your Out-of-Pocket Costs Are Capped
Healthcare expenses can be unpredictable—and for retirees on a fixed income, unexpected bills can be scary. One of the big advantages of Medicare Advantage is that it places a yearly limit on your out-of-pocket spending.
Original Medicare does not have such a cap, which means you could face very high expenses without additional coverage. For this reason, many original Medicare users purchase Medigap policies to provide financial protection. Medicare Advantage’s built-in cap might offer better peace of mind and help you stick to a retirement budget.
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### Is Medicare Advantage Right for You?
Medicare Advantage plans are not without drawbacks. They often restrict enrollees to specific provider networks and require prior authorization for certain screenings and services, which can sometimes delay or deny care.
However, it’s worth exploring your Medicare Advantage plan options during this open enrollment period. If you find a plan that suits your needs, you might enjoy significant savings and valuable extra benefits.
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*The Motley Fool has a disclosure policy. The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.*
https://www.nasdaq.com/articles/3-reasons-choose-medicare-advantage-plan-during-open-enrollment
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