Medicare Advantage plans are highly advantageous for Medicare beneficiaries. They often have low monthly premiums and many extra benefits you won’t find in Original Medicare. But if you’ve started looking for a Medicare Advantage plan, you might have noticed you have quite a few options!

Today, we will help you narrow down your choices by taking you through the six steps to finding the perfect Medicare Advantage plan for you.

1. Choose the Plan Type

Not all Medicare Advantage plans are the same. There are actually five kinds of Medicare Advantage plans.

1. Preferred Provider Organization (PPO)
2. Health Maintenance Organization (HMO)
3. Private Fee-for-Service (PFFS)
4. Special Needs Plan (SNP)
5. Medicare Savings Account (MSA)

You may not qualify for all of these plans, and they may not all be available in your area. However, they do work quite differently, so take the time to review each type before deciding which one will work best for you.

2. Search the Provider Network

All Medicare Advantage plans have provider networks. To keep your out-of-pocket costs as low as possible, it’s important to utilize these networks.

If you have providers you enjoy working with, check the plan’s network to see if your providers are contracted with the plan. Remember to check all your providers, not just your primary care physician. This includes any specialists, optometrists, dentists, etc. If your providers aren’t in the network, you’ll need to decide if you’d rather find a different plan or change providers.

3. Check the Drug Formulary

Most Medicare Advantage plans include prescription drug coverage. However, each plan will have its own drug formulary, the list of medications it covers. Compare your list of current medications to the formulary to ensure all your prescriptions are covered. 

4. Consider Out-of-Pocket Costs

While we can’t predict the health services we might need over the year, you should at least take a few moments to review the costs associated with the plan. You’ll want to look at the monthly premium, deductible, copays and coinsurance, and the maximum out-of-pocket. If you are taking prescriptions, don’t forget to check the copays on them as well.

5. Read the Summary of Benefits

All Medicare Advantage plans must offer at least as many benefits as Original Medicare (Parts A and B). You can get a more detailed explanation of what the plan covers by reading the summary of benefits or evidence of coverage. If you know some of the things you may need, make sure they’re covered and review the associated costs.

6. Look for Extra Benefits

Medicare Advantage plans are known for their bells and whistles. Most plans include benefits you won’t find in Original Medicare or a Medicare Supplement plan. A plan might have dental benefits, vision and hearing coverage, an over-the-counter stipend, gym memberships, and more. 

While you should not use these extra benefits as the sole reason for enrolling in a plan, they can help you narrow down your selection if you’re deciding between two or three plans. Decide which extra benefits are important to you and find the plan that offers the most coverage.