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How Can Medicare Advantage Plans Cost $0? | (Hint: They Aren't Free!) - YouTube
Channel: Boomer Benefits - Medicare Expert
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have you gotten a quote for a zero
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premium Medicare Advantage plan and
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wondered how in the world the Medicare
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Advantage plan could be free hi there if
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we haven't met yet I'm Danielle kunkel
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Roberts co-founder here at boomer
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benefits and a member of the Forbes
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Finance Council in this video we'll
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explore why Medicare Advantage plans may
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cost less than Medigap plans how some of
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them can have zero premiums who pays for
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the plan then and what some of the costs
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are that you will pay if you enroll in
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an advantage plan you'll discover that
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while some plans have a zero premium
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they are definitely not free and even
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Medicare itself will never refer to them
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as free stay tuned until the end to grab
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our free guide on Medicare Advantage vs.
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Medigap plans so you can explore the
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pros and cons of each option and don't
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forget to hit the subscribe button below
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so that you'll always be notified when
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we release a new video the Medicare
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Advantage program was designed to give
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beneficiaries an alternative to Original
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Medicare that you pair with a Medigap
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plan not everyone can afford Medigap
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insurance and Medicare Advantage offers
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lower premiums if you are willing to
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abide by the plans conditions and use
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the plans network of providers when you
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join a Medicare Advantage plan your
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providers no longer bill Medicare for
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your health care services instead they
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build the Advantage plan this transfers
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all the medical risk away from Medicare
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and medicare is willing to pay for that
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Medicare pays the medicare advantage
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companies somewhere around a thousand
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dollars a month to take on your medical
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risk
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this means the Medicare Advantage
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company makes their money from Medicare
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so that is why they can charge you such
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low premiums they're already getting
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paid by Medicare in some urban areas you
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can find plans with a zero premium this
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means that when you join the plan you
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don't pay any monthly premium for the
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plan itself but as I just shared this
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doesn't mean the plan is free it simply
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means that Medicare is paying the plan
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to take you on as a member so what are
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your cost then one you still pay your
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Medicare Part B premium to Social
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Security
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each month because Medicare is still
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paying for your care it's just now
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paying for it in an indirect route
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through the Advantage plan - you are
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responsible to pay for the planned
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premium if there is one as I mentioned
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some plans charge zero but many charge
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more than that
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three you pay for your co-pays
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deductibles and coinsurance as you use
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the plan services your agent will
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provide you with a summary of benefits
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that details everything that you will
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pay as you go along it could be that you
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pay $50 each time you visit a specialist
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or if you go in the hospital maybe you
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pay 200 a night depending on the plan
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the part that is probably most
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concerning to many people is that
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Advantage plans will often have you pay
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a 20% coinsurance for chemotherapy
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radiation and dialysis so you'll pay
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that 20% yourself until you hit the
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plans cap which is called your
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out-of-pocket maximum this is an annual
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limit on how much you'll spend on Part A
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and B services during any calendar year
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for many plans this limit is 6700 so
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that's the most you could spend in a
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calendar year but that's a lot for many
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people who are living on fixed incomes
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and your Part D expenses like co-pays
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and deductibles are separate and
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additional keep in mind also that the
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summary of benefits for your plan is
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only good for one year Advantage plan
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scanadu get to change their plan
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premiums co-pays and coinsurance from
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year to year you'll want to review your
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annual notice of change that they send
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you each fall so you can see what's
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coming and use that opportunity to
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switch Advantage plans during the annual
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election period if you don't like the
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changes for the next year so our zero
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premium Medicare Advantage plan it's
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ever really free
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definitely not you will pay for Part B
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you'll pay for the plans premium if
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there is one and you will pay some
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cost-sharing as you go along and use
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various medical services keep in mind
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too that the plan is offering to let you
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join and pay absolutely nothing you
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might find that the co-pays and
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coinsurance you pay for medical services
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on that plan are higher than if you had
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joined a plan that did charge you a
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monthly premium moral of the story when
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it comes to Medicare folks there's
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no free lunch for most people the only
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way that you might pay nothing out of
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pocket is if you are a low-income person
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eligible for both Medicare and Medicaid
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Medicaid will then step in to pay for
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some of your deductibles co-pays and
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coinsurance on your Original Medicare
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benefits or on some Medicare Advantage
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plans that are specifically designed
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only for low-income individuals all of
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this doesn't mean that a zero premium
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Medicare Advantage plan is bad it's just
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not free and around here we like to be
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very honest with our prospective clients
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about the plans that they are
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considering we find that if someone
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knows and accepts these risks upfront
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they are far happier with their plan and
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long run because there are no surprises
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do you have a question about the costs
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associated with Medicare Advantage plans
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drop it in the comments below and I'll
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be sure to answer and to grab our free
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guide that I mentioned at the start of
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the video visit the special link that
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I'm providing in the description below
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this video thanks for watching and we'll
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see you in the next video
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