Is a Medicare Advantage Plan Right for You?
You've probably seen the commercials with Joe Namath touting all the extra benefits from a Medicare Advantage plan. Rides to doctor's appointments! Meals delivered to your home! Dental, hearing and vision, all covered at no additional cost! The extra benefits are real, but so are the trade-offs.
More than 60 million Americans were enrolled in either original Medicare or its alternative -- a Medicare Advantage plan -- in 2020, according to the Kaiser Family Foundation, and this is the time of year when those same Americans can change their annual coverage. Medicare open enrollment runs from Oct. 15 to Dec. 7. During this window, enrollees age 65 and older can switch between original Medicare and Medicare Advantage, or stick with the latter but select a different plan. The new coverage begins Jan. 1.
Unlike original Medicare, which is health insurance administered by the federal government, Medicare Advantage plans are private health insurance. A decade ago, only 24% of Medicare beneficiaries selected Advantage plans; today, it's 42%, according to the Kaiser Family Foundation. The plans have skyrocketed in popularity because they often have lower
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