Best Medicare Advantage Plans

Did you know that instead of choosing Original Medicare, you can turn to a Medicare Advantage plan to get your Medicare benefits? Many private companies offer Medicare Advantage plans, also called Medicare Part C or MA plans, to those who qualify for Medicare. Medicare Advantage plans deliver your Medicare Part A and Part B benefits along with other perks, such as dental services, prescription drug coverage, fitness programs, and hearing benefits. Below, we’ll explore our top picks for Medicare Advantage plan carriers.

How We Chose the Best Medicare Advantage Plans

Comparing and choosing a Medicare Advantage plan that meets your needs can feel downright overwhelming. We’ve narrowed down the choices to our top picks for Medicare Advantage plans and assigned accolades to help you differentiate between them. To do this, we evaluated criteria like price, extra perks, third-party ratings, customer service, and availability.

Comparing the Best Medicare Advantage Plans 2023

Let’s take a look at how the different Medicare Advantage carriers stack up against one another. Just keep in mind that not all plans are available in every location and not every plan includes all of the benefits offered by the carrier.

What Is a Medicare Advantage Plan?

Medicare Advantage plans are an alternative way for you to receive Original Medicare benefits. Instead of getting Medicare Part A and Part B from Original Medicare, you can purchase a consolidated Medicare Advantage plan from private companies that serve your area. Just as with Original Medicare, you must meet Medicare eligibility requirements to enroll and must enroll during a designated enrollment period.

What Do Medicare Advantage Plans Include?

Medicare Advantage plans always include Medicare Part A and Part B benefits. To stay competitive, they also throw in extra perks, which may include the following:

• Part D prescription drug coverage
• Dental care, including X-rays and cleanings
• Vision care, including eye exams, a frame allowance, and lens coverage
• Hearing care, which may include hearing aid coverage
• Fitness program memberships
• Transportation assistance
• Insulin savings program
• Post-hospitalization meal delivery
• Over-the-counter (OTC) health and wellness allowance
• 24/7 nurse line

Depending on the carrier and plan you choose, these extra perks may come at no additional cost to you. Instead, you’ll pay the same monthly premium that you’d pay if you’re enrolled in Original Medicare — your Part A (often $0) plus your Part B premium.

Is a Medicare Advantage Plan Right for Me?

Medicare Advantage plans make the Medicare marketplace more competitive and give you more choice with your health insurance benefits later in life. In some cases, choosing a Medicare Advantage plan may even save you money thanks to Part B payment assistance, where the carrier pays some of your Part B premium. Plus, you get the added security of dental, vision, and hearing benefits that Original Medicare leaves out.

Of course, there are some disadvantages with MA plans. Medicare Advantage plans come with geographical and network restrictions; you might not be able to see the doctors you’re currently seeing. And you might spend a lot more if you need to see an out-of-network provider.

Whether a Part C plan makes sense for you depends on a number of factors. In general, Medicare Advantage plans are a better fit for healthy adults who are fine seeing in-network providers. Many plans charge higher copays and deductibles, which can add up if you need to see specialists a lot.

For some seniors, the value of the benefits might outweigh any disadvantages. If you have certain medical conditions such as diabetes, a special needs Medicare Advantage plan and/or insulin savings program could help you save money. Or, if you wear hearing aids, a hearing aid benefit might make a Medicare Advantage plan worthwhile, despite higher deductibles and copays.

Types of Plans

Medicare Advantage carriers can offer some or all of the following plan types:

HMO

HMO (health maintenance organization) plans are the most popular type of Medicare Advantage plan. In 2021, 62 percent of all Medicare Advantage plans were HMOs. HMOs primarily cover in-network care, so you’re covered only if you visit doctors and medical facilities that partner with your insurer. Out-of-network care isn’t covered, which is why HMO plans tend to cost less than other plan types. Some plans have exceptions for emergencies, so you might receive coverage for out-of-network urgent care or dialysis. Most plans require referrals, so you must choose a primary care provider.

PPO

PPO (preferred provider organization) plans offer more flexibility than HMOs. PPOs have in-network providers like HMOs, but PPO plans allow you to see out-of-network providers. You’ll just owe a higher out-of-pocket cost. You don’t need referrals to see specialists, such as a cardiologist or podiatrist. This can make receiving care more efficient. In general, PPO plans cost more than HMOs.

HMO-POS

A mash-up of PPOs and HMOs, HMO-POS (point of service) plans require PCPs and referrals like an HMO but provide coverage for out-of-network providers like a PPO. Just expect to pay more for out-of-network care.

SNP

SNPs, or special needs plans, can be either PPOs or HMOs. But, unlike other PPO and HMO plans, they aren’t open to just anyone. SNPs provide coverage to individuals with specific healthcare needs, diseases, or conditions, such as chronic alcohol dependence, autoimmune disorders, diabetes, cancers, dementia, or end-stage liver disease. A specialized type, called a D-SNP, or dual-eligible SNP, covers people with a limited income by combining Medicare and Medicaid benefits.

MSA

Medicare Medical Savings Account (MSA) plans are uncommon but available from some carriers. This plan combines a high-deductible Medicare Advantage plan with a medical savings account that’s similar to a health savings account (HSA). The plan kicks in only after you’ve reached your deductible. However, part of your premium goes into the MSA account each month. You can use that money to pay for any Medicare-covered treatments or tests.

PFFS

Private fee-for-service (PFFS) plans let you go to any Medicare-approved medical facility, doctor, or healthcare provider. The doctor must agree to accept the plan’s terms. Some PFFS plans have provider networks, which means higher out-of-pocket costs for out-of-network care, while others don’t. PFFS plans always cover emergency care, so you’re covered even at out-of-network providers.

How Do I Choose the Best Medicare Advantage Plan?

Medicare Advantage plans aren’t one size fits all. That’s why it’s so important to think about your needs, your budget, and the options available in your area as you evaluate different plans. Here are a few tips:

1. Check if your doctors are in-network.

Many MA plans have provider networks. If you’d like to keep your current doctors, you’ll want to choose a plan where your doctors are in-network. If not, you might not be able to see them, or you’ll pay a higher copay for seeing an out-of-network provider. Fortunately, many carrier websites let you search for your doctor’s name to check coverage.

2. Evaluate the cost.

Make sure that you can afford the plan’s premiums, copays, and coinsurance. And ensure that you understand the deductible. A high deductible means that you’ll owe more out of pocket before your plan kicks in. In some cases, Part C plan perks can make up for higher costs in other areas; for example, a free gym membership, transportation assistance, or a hearing aid benefit.

3. Consider CMS star ratings.

CMS assigns star ratings to Medicare Advantage plans. This third-party rating reflects the experiences of people currently enrolled in Medicare Advantage plans. One star represents poor performance, while five stars (the highest) represents excellent performance. Individual plans from carriers receive their own rating, so even a carrier with an overall low rating could have a five-star plan in your area.

4. Assess your own healthcare needs.

Think about which healthcare services are really important to you. Consider your current medical conditions, fitness habits, and medical history. For example, if you’d enjoy a SilverSneakers gym membership and want to maintain your dental health, prioritize plans with those benefits. If you have a chronic health condition, pay close attention to SNPs in your area. They could provide savings and essential services like a care coordinator who can help manage your illness.

5. Compare plans against Original Medicare.

Along with comparing Medicare Advantage plans head-to-head, you also need to compare Medicare Advantage plans to Original Medicare. Take into account how much Original Medicare costs and how much adding on a Medigap plan or Part D plan would cost. Make sure that a Medicare Advantage plan is helping you reach your goals, whether that’s lower premiums, more affordable copays, or more comprehensive care.