Understanding Medicare Advantage Plans

Medicare Advantage plans are a great way for New Jersey residents to get their Medicare benefits. These plans are offered by private insurance companies and cover all of the same benefits as Original Medicare, plus some extra benefits, such as dental, vision, and hearing coverage. Many Medicare Advantage plans also include prescription drug coverage.

What are the benefits of Medicare Advantage plans in NJ?

There are many benefits to having a Medicare Advantage plan in NJ, including:

More comprehensive coverage: Medicare Advantage plans offer more comprehensive coverage than Original Medicare, including extra benefits such as dental, vision, and hearing coverage.

Lower out-of-pocket costs: Medicare Advantage plans often have lower out-of-pocket costs than Original Medicare, such as lower deductibles, copays, and coinsurance.

Prescription drug coverage: Many Medicare Advantage plans include prescription drug coverage, which can save you money on your medications.

One-stop shopping: Medicare Advantage plans combine all of your Medicare coverage into one plan, making it easier to manage your care and costs.

What types of Medicare Advantage plans are available in NJ?

There are several different types of Medicare Advantage plans available in NJ, including:

Health Maintenance Organizations (HMOs): HMOs require you to choose a primary care physician (PCP) who will coordinate your care. You must see providers who are in the plan's network, except in the case of an emergency.

Preferred Provider Organizations (PPOs): PPOs give you more flexibility than HMOs. You can see any provider you want, but you will pay less if you see providers who are in the plan's network.

Point-of-Service (POS) plans: POS plans are a combination of HMOs and PPOs. You must choose a PCP who will coordinate your care, but you can see providers who are out of the plan's network for an additional cost.

Medical Savings Accounts (MSAs): MSAs are a type of Medicare Advantage plan that allows you to save money in a tax-advantaged account to use for medical expenses.

How to choose a Medicare Advantage plan in NJ

When choosing a Medicare Advantage plan in NJ, there are a few things you should keep in mind:

Your health needs: Consider your health needs and which benefits are important to you. For example, if you have dental problems, you may want to choose a plan that includes dental coverage.

Your budget: Compare the premiums, deductibles, copays, and coinsurance of different plans.

Your providers: Make sure the plan includes your preferred doctors and hospitals in its network.

Schedule an appointment with Medicare and Money today to learn more about Medicare Advantage plans and to find the right plan for you.