Medicare Advantage Plans – Changing in 2010
Medicare Advantage Plans will change dramatically beginning January 1st, 2010. Thousands of people who have purchased these plans from leading carriers including Blue Cross, Coventry, and WellCare will no longer be covered and will be forced to purchase similar plans from other insurance companies. In addition, people who will still be covered under their current plans will likely notice increased monthly premiums and less benefits! Everyone across the nation is asking the same question…. What do we do now?
There are several options for people who are losing coverage or are unhappy with their increased premiums. The first option is to find a Medicare Advantage plan similar to the one you currently have, but with a different insurance company. The best way to accomplish this daunting task is to consult an insurance broker who represents multiple companies. These types of brokers can be a valuable resource and can help you find a plan that is both affordable, and offers great benefits.
The second option is to enroll in a Medicare Supplement Plan. Medicare Supplement Plans tend to offer greater benefits for hospital and medical services and often have lower out of pocket costs than Medicare Advantage plans. In addition, Medicare Supplement plans can be cheaper than many Medicare Advantage plans in 2010. This option is very popular because seniors can purchase a more affordable plan with better coverage! Once again, people choosing this option should consult with an insurance broker who represents multiple insurance companies to ensure they purchase the most affordable plan from a quality company. Keep in mind Medicare Supplement plans are standardized by Medicare, meaning insurance companies charge different prices for exactly the same coverage!