Health insurers will flood the Medicare Advantage market again this fall with enticing offers for plans that have no monthly price tag.
The number of so-called zero-premium plans has been growing for years, and they can appeal to retirees who live on fixed incomes.
Medicare Advantage plans are privately run versions of the government’s Medicare program for people who are age 65 and older or have certain disabilities. The annual enrollment window for 2023 Medicare Advantage coverage opens next week.Nearly seven out of 10 people who enrolled in an individual Medicare Advantage plan with prescription drug coverage for this year opted for no-premium plans, according to the Kaiser Family Foundation, a nonprofit that studies health care issues.
Medicare Advantage shoppers had plenty of choices in general. Kaiser found that the average person eligible for Medicare had access to 39 Advantage plans during last fall's enrollment window, including those that charged premiums. Then they should look at coverage basics. That can include what sort of copays would come with a specialist visit or a hospital stay. They also should look at the annual out-of-pocket maximum.
A plan that charges no premium may wind up being a bargain for someone who is relatively healthy. But it can be hard for shoppers to predict what specialists they may need to see or if they will want access to, say, an out-of-state cancer hospital in a given year. There’s generally a big rush to sign up at the end. Late shoppers can get locked out if they haven’t chosen a plan already.
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