Medicare Advantage Often Costs $0
A common question I get is how much does Medicare Advantage cost in Nevada? You read that title right. Most Medicare Advantage plans offered here in Nevada cost nothing extra a month to enroll in. I often hear next that this must be too good to be true or there must be a catch and although there are some important points to understand when it comes to Medicare Advantage plans, these are great options with many great benefits for Medicare Beneficiaries.
How Is This Possible?
The average Medicare Advantage cost in Nevada is a little less than $4 a month so not all plans are no cost but many of the most competitive options here in Nevada do not have a monthly premium. It’s a bit complicated how Medicare Advantage plans charge nothing and still make money but here are some of the main reasons why this is possible:
- Advantage plans are paid by the federal government to be the primary payer for your medical expenses. The amount they are paid varies greatly.
- These plans also have out of pocket costs when you use the plan which could come in the form of deductibles, copays, and coinsurance.
- Advantage plans have networks of doctors you must use to pay the lowest out of pocket costs for care or have your care covered at all. This helps reduce costs the plan pays the doctor when you use it.
These reasons are the main ways Advantage plans do not need to charge premiums to their members.
So I Pay Nothing per Month for My Medicare?
Now that we’ve answered the question: How much does Medicare Advantage cost in Nevada, does that mean I truly pay nothing per month for my Medicare? No, this is not the case. You must continue to pay for your Part B premium to the federal government. Everyone in the U.S. that has Medicare pays this unless they receive financial assistance. If you’re collecting Social Security, this will come out of your monthly check. Otherwise, you’re billed every quarter for this.
Believe it or not, there are some Medicare Advantage plans that will even reduce the monthly cost of your Part B so you get more money from Social Security each month. However, we would highly suggest you call our office prior to enrolling in one of these plans. There are trade offs to these types of policies and you may lose benefits that you need.
What Happens if I Pick a Plan and Don’t Like It?
There are many opportunities to make changes if you’re not happy. If you make a change to Medicare Advantage and this is your first time enrolling in this type of plan, you typically have a year to make a change back to Original Medicare. However, if you miss this initial window and you want to go back, you may have to answer health questions to enroll in a Medicare Supplement plan that fills in the gaps Original Medicare does not cover.
If you have a Medicare Advantage plan and want to change to another Advantage plan, you can do so freely during the Medicare Annual Enrollment period. This officially begins October 15th and ends December 7th. There is also an additional Medicare Advantage Open Enrollment Period that runs during the first quarter of the year. You can make a one time switch during this time to another Advantage plan. There may also be additional opportunities to switch depending on your situation.
So I Should Just Enroll in Medicare Advantage?
Not necessarily. Medicare Advantage plans don’t work for everyone. It’s not a once size fits all type of plan and it’s very important to weigh the differences before deciding to enroll in a Medicare Advantage plan. Your other option is a Medicare Supplement plan and there are pros and cons to both. If you have Medicare here in Nevada, we suggest giving us a call to compare your options. it doesn’t cost anything and you can get an honest assessment on your coverage.
