Are you researching on Medicare Advantage Plans? If so, you must have by now discovered that there are Medicare Advantage plans for as low as $0 as premium. Of course, just because it has this premium of Zero it does not cover all the costs of health care.
What is $0-premium?
Regardless of what the Medicare Advantage plans give in as $0 premium, one thing is certain that you receive a chance to get Medicare benefits offered by a private insurance company that is in contract with Medicare. However, actually the Medicare Part C falls under the Medicare Advantage program and thus the benefits are identical as the Part A and B of original Medicare. Conversely for hospice benefits, there is a need to come through Part A Medicare directly instead of taking through the plan.
What may have $0 as out-of-pocket costs?
The $0 premium of Medicare Advantage plans also feature out of pocket expenses as all other health insurance and it may be inclusive of the deductibles, coinsurance and copayments.
A deductible is when you pay before the Medicare Advantage plan pays the covered share of services. Not all the plans may feature the deductible amount, or they also vary with each plan.
A coinsurance amount refers to the total cost percentage you may need to pay for the covered service such as 20%. A copayment is a dollar amount set that you pay for a covered service.
The insurance companies providing Medicare Advantage plans 2018 may have some flexibility and this is apparent in setting their rates. The premiums, deductibles, copayments and coinsurance amounts, in the plan may vary.
Generally, Medicare Advantage plans have maximum out of pocket amounts. This also includes the plans featuring $0 premium and the amount varies each year with plans. The amount is the total cost to pay as services. On spending an amount, you need not pay the entire year for any more services.
So, prior to enrolling in Medicare Advantage plans $0 premium, it is right to consider other costs and compare the plans.
What else to know about $0-premium?
Signing up for Medicare Advantage plans featuring zero-premium implies you must continue paying premium for Part B Medicare every month. Thus, you are in the Medicare program on receiving benefits through this plan.
The premium of Medicare Advantage allows choosing the plan, it may be $0 premium or any other that meets your needs.