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Compare Medicare Advantage Plan Premiums and Costs

October 4, 2017

As a Medicare beneficiary, it’s important for you to understand a few key concepts related to the pricing considerations of Medicare Advantage (Part C) plans. Monthly premiums vary considerably among Medicare Advantage plans, so you’ll want to do some research to make an informed enrollment decision when choosing the plan that best suits your needs.

What does a Medicare Advantage plan premium cover?

There may be some Medicare Advantage plans from various health insurance companies in your area approved by Medicare. You may want to assess estimated annual costs (including copayments, coinsurance, deductibles, and monthly premiums) for each plan available in your local area, while taking into consideration the prescription drugs you require on a regular basis.

What costs do Medicare Advantage plans have?

Some Medicare Advantage plans may offer a zero-dollar ($0) premium. While these plans may work well for some, it is important to note they are not necessarily the cheapest Medicare Advantage offerings in your market.

Remember that a Medicare Advantage plan may have more costs than its monthly premiums alone. Beneficiaries may have copayments, coinsurance, and deductibles associated with doctors’ visits, hospital stays, and other health-care services. Zero-dollar Medicare Advantage plan premiums may include higher prescription drug costs, copayments, and deductibles. No matter which Medicare Advantage plan you enroll in you must continue paying your Part B premium as well.

Beneficiaries may also have out-of-pocket expenses associated with prescription drugs, including deductibles and copayments. In general, Medicare Advantage plans have a maximum allowable deductible that they can charge, but they also have the option to reduce or eliminate this deductible. Your out-of-pocket maximum may be lower than CMS (Centers for Medicare & Medicaid Services) established maximums amounts.

Also, remember that copayments for the same medication may be different among the various Medicare Advantage plans. Consequently, it is always advisable to compare the annual estimated costs among Medicare Advantage plans based on your normal monthly prescription drug purchases. By including all plan costs, and not just the premium, you can make a more educated decision when choosing a Medicare Advantage plan.

Compare Medicare Advantage Plans

To make an informed decision when choosing a Medicare Advantage plan, it is suggested that you use a comparison tool that will present annualized premium and out-of-pocket cost estimates, while including your personalized prescription drug usage.

To compare premiums and prescription drug costs among different Medicare Advantage plans and start receiving the health coverage that best suits your needs, you can:

  • Contact Medicare plans directly.
  • Call 1-800-MEDICARE (1-800-633-4227), TTY users 1-877-486-2048; 24 hours a day, 7 days a week.
  • Contact a licensed insurance agency such as eHealth.
  • Call eHealth licensed insurance agents at 1-888-323-1149 TTY users 711; Mon – Fri, 8am – 8pm ET.
  • Or enter your zip code where requested on this page to see a quote.