You’ve heard it said that “if something sounds too good to be true, it probably is.”
You may have seen Medicare Advantage plans being offered with $0 monthly premiums. A $0 monthly premium — doesn’t that sound too good to be true? But is it really too good to be true? Or is it too good to pass up?
Well, $0 monthly premium Medicare Advantage plans are certainly real. In fact, the number of $0 monthly premium plans increased 6 percent in 2016.
Still, how is it that a Medicare Advantage plan can have a $0 monthly premium? And how does having a $0 monthly premium impact other costs for someone on Medicare?
Those are great questions. Let’s get you some answers.
First, a quick refresher on Medicare Advantage plans.
Medicare Advantage, also known as Medicare Part C, combines the coverage of Original Medicare (Part A and Part B) with additional coverage. Depending on the plan, Medicare Advantage could include benefits like:
Private insurance companies, like Highmark, offer Medicare Advantage plans. You are eligible for Medicare Advantage if you are enrolled in Medicare Parts A and B, reside in a service area, and do not have end-stage renal disease.
Here’s a quick run-down on how these plans work to offer you a $0 monthly premium:
It’s important to remember that paying $0 in monthly premiums for a Medicare Advantage plan doesn’t mean that everything is totally free. You still have to pay your Medicare Part B monthly premiums, along with any annual deductible, copayments, and coinsurance for your Medicare Advantage plan.
$0 monthly premium Medicare Advantage plans vary when it comes to:
As always, there are many things to think about when deciding on the right options for you and your family. Start by asking yourself these questions:
A $0 monthly premium Medicare Advantage plan can be a great way for you to lower your costs for Medicare coverage. Highmark offers them as options for our Medicare Advantage members, and we’ll be happy to help you decide if one of these plans is right for you.
That goes for any of the questions you may have about Medicare coverage — Highmark is here to help. Check out these online resources to help you understand your Medicare plan options, and you can find even more ways to get help in the sidebars to this article.
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