Many seniors end up having to spend a lot of money on healthcare. And in that regard, Medicare Advantage can seem like a more optimal choice than original Medicare.
Medicare Advantage plans work similarly to the private insurance plans many workers are privy to through their jobs. And in some cases, Medicare Advantage can be a more affordable alternative to original Medicare. If you're on a fixed income that consists mostly of Social Security, that's important.
Of course, within the realm of Medicare Advantage, there are different plans you can choose from. And if you're not lucking out with your current plan, you may find that another Advantage plan is a better choice. But if these signs apply to you, it may be time to ditch Medicare Advantage altogether and move over to original Medicare.
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1. Your costs have gone nowhere but up
Medicare Advantage plans are often billed as a cost-effective alternative to original Medicare. Many of these plans offer a $0 premium, and they also offer benefits original Medicare does not.
But depending on the state of your health, you may find that you're spending more money on medical care, not less, under Medicare Advantage. These plans unfortunately aren't always a good fit for seniors with health issues -- they can be more financially beneficial to enrollees who are generally healthy. So if you have a number of conditions you're managing, you may be better off with original Medicare.
2. You're struggling to find providers
Medicare Advantage plans generally do not offer the same number of provider choices as original Medicare. Rather, you're limited to a specific network of doctors.
If you've been having a hard time finding providers that offer great care, and convenient care, then original Medicare may be a better fit for you. This especially holds true if you're increasingly spending time in different areas of the country.
3. You're paying for benefits you aren't using
As mentioned earlier, one perk of Medicare Advantage is that you may be privy to added benefits beyond what original Medicare will pay for. But if you're not using those benefits -- largely because you don't need them or your health status doesn't warrant them -- then you're really paying for a whole bunch of nothing.
With original Medicare, you might have to open up your wallet every time you need to see a dentist or get your eyes examined, whereas Medicare Advantage plans generally pay for these services. But the cost of paying for dental care and eye tests might be less than what you're paying for coverage under Medicare Advantage all-in.
It's not too late to change your mind
If you're enrolled in a Medicare Advantage plan, you actually have until March 31 to drop it and switch over to original Medicare. Once you do that, you'll also need to find a Part D drug plan.
It pays to consider dumping Medicare Advantage if you've been spending more money on healthcare and struggling to find decent providers. Original Medicare is by no means perfect, but you may find that it's a better fit for you on a whole.
