Should I consider enrolling into a Medicare Advantage Plan?

For the first time in Medicare history, more Medicare members are enrolled in Advantage plans than in other plans, with 51% enrolled in 2023 (see graph below). The prediction is that 63% of Medicare beneficiaries will have Advantage plans by 2033 as this upward trend continues. Analyzing last year’s OHB data, we found that among clients choosing a Medicare plan for the first time, 71% chose a Medicare Advantage plan, while just 29% opted for a Medicare Supplement plan.

We strive to present both options as objectively as possible and avoid steering clients in any particular direction. However, we will offer our opinions and recommendations after thoroughly understanding your needs and preferences for your Medicare plan. If it has been a while since you last reviewed Medicare Advantage plans, it may be worth taking another look. With Medicare Supplement premiums continuing to rise and anticipated significant increases in Part D premiums, the monthly premium costs could easily exceed the reasonable co-pays associated with a Medicare Advantage plan.

Additionally, Medicare Advantage plans often offer substantial extra benefits, such as dental, vision, hearing aids, and an over-the-counter allowance, which could provide more value for your money. The maximum out-of-pocket exposure for Medicare Advantage plans has remained reasonably stable, usually around $3,500 to $4,500. If you are spending half of that or more annually on premiums, it’s definitely worth considering a Medicare Advantage plan.

Our team is here to guide you with any questions you may have. Call us at 330-633-7713 and let’s navigate the specifics of your plan together.