Question

Is Medicare Advantage riskier than other forms of private health insurance?

Answer 1

YES, Medicare Advantage is riskier in comparison to other forms of private health insurance. In popularity Medicare Advantage plans are booming as a lower-cost alternative. Such plans that offer comprehensive coverage within a designated network of providers, now account nearly more than 30% of the Medicare market versus 70% for basic Medicare. Medicare Advantage (MA) plans “buyer beware” approach because theses requires a serious look as can save money without sacrificing insurance protection. There may be some plans may have few serious pitfalls, thus need to look at the fine print carefully before you sign up.

Moreover being restricted to a Medicare Advantage network can also be risky, because people may have to switch to different doctors who don’t know their health history–and if fall ill, may not have access to specialists or certain charges may irrecoverable. These MA plans also have been criticized for providing a restricted coverage to chronically ill seniors and those who suffer serious medical conditions. Thus, before sign up ensure if the plan’s network will meet your requirements in terms of size and inclusiveness of MA provider networks vary greatly.