In 2014, many Medicare Advantage plans will have much lower maximum out-of-pocket caps than the $6,700 limit. Some have a $3,400 or lower out-of-pocket cap and a zero premium, which ia very attractive to low-income seniors, according to a study by HealthPocket. HealthPocket looked at data from the Centers for Medicare and Medicaid Services on Medicare Advantage plans with a bundled prescription drug benefit (MAPD).
During annual enrollment, from October 15 to December 7, comsumers must chose a traditional Medicare plan augmented with a supplemental plan and Part D prescription plan or choose a Medicare Advantage plan with prescription drug coverage through a private insurance company.
MAPD plans are getting more popular. In 2014, these plans offer no premium or low premiums and a low out-of-pocket maximum. “Consumers looking to save on their direct costs under Medicare are going to have some good options heading into 2014. But Medicare enrollees need to factor in other criteria like whether their doctors and hospitals are in a plan’s network, whether their medications are covered, and the amount charged for the medical services that they may need in the coming year. Quality scores should inform a final decision, too, and as with any big purchase, it pays to do your research,” said Steve Zaleznick of HealthPocket.com. Consumers can compare traditional Medicare, Medicare Advantage, and prescription drug plans with HealthPocket’s free Medicare comparison tool at www.HealthPocket.com.