Medicare Advantage PPO plans are the most convenient way to customize and expand your Medicare benefits.
They also help save you money by eliminating the co-pays, coinsurance, and deductibles looming with Original Medicare.
Below we look at how these flexible policies can help you protect your health and bank account.
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Understanding Medicare PPO Plans
Medicare Advantage Plans allow you to customize and expand your Medicare benefits to include vision, dental, and prescription drug coverage. There are three different types of Medicare Advantage Plans which serve different health care needs. Medicare PPO, Medicare HMO, and FFS.
Medicare Advantage PPO (Preferred Provider Organization) is the most flexible way to customize your benefits. With a PPO policy, you are free to see any doctor of your choice as long as they take Medicare patients. However, if you use one of the in-network “preferred providers,” then the cost are lower.
PPO plans give you the freedom to schedule any covered service at any time with any doctor who accepts Medicare patients. This is particularly convenient for individuals in poor health and uses their policy benefits frequently.
Medicare Advantage HMO (Health Maintenance Organization) do not enjoy the same freedom and flexibility as PPO plans but still has its own benefits. With a Medicare HMO plan, you must designate a primary care physician to direct all your health care needs. Any service that goes beyond your primary care physician will need their referral first. This referral process helps reduce overall operating costs by eliminating needless care services.
Additionally, individuals with an HMO policy can only see care providers within their network. In exchange for these restrictions, the insurance company can offer lower monthly premiums. HMO plans are best suited for moderately healthy individuals that do not plan on using their Medicare benefits frequently.
Medicare FFS (Fee for Service) plans do not provide traditional insurance coverage. With these policies, you will pay a set fee established by Medicare for all of the services that you receive. FFS plans are the least popular of the three Medicare Advantage types but can be useful for healthy individuals who rarely use their health insurance.
Cost of Medicare Advantage PPO Plans
How much do Medicare PPO plans cost? The answer depends on your health and the benefits included in your policy. Each Medicare Advantage plan is different. Insurance carriers create different policies with unique benefits to try and fit the needs of their customers. The benefits included and your current health situation will affect the monthly premium cost of your policy. However, according to CMS, the average cost of Medicare Advantage is around $25 per month.
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If you’re looking for your best policy, we strongly suggest not going about it alone. Our independent agency is here to help you shop and compare all the options in your area to find your best policy and price. We’ve helped thousands of individuals save time and money on that process. And we’d love to help you too!