Pros and Cons of a Medicare Advantage Plan for Students

Pros and Cons of a Medicare Advantage Plan for Students Every year, Americans spend over $3.2 trillion on healthcare. This amounts to $10,000 per person on average. Of course, a mere look at this figure shows that a lot of money.

Unfortunately, according to the report from the Centers for Medicare and Medicaid Services, this figure is expected to increase by 2025.

An average American student is already spending a lot of money on healthcare for various health-related issues including mental health. In a new report, it was shown that the number of students seeking help for mental health problems has risen considerably between 2009 and 2018. This could get worse for students who already faced an increasing bill.

Today in the United States, the treatment costs of a single illness, accident or pregnancy can easily reach five figures. In most cases, most students assume that their cheap insurance is enough to cover them, after all, they are young and healthy. That you are healthy today does not mean you will won't have a medical emergency tomorrow and get stuck with some whopping bills. In fact, the Federal Reserve revealed that the credit score of 2 in 5 Americans

was negatively affected by medical bills. You cannot afford to add medical debts to your student loans.

One solution to avoid mounting bills to pay is to consider Medicare Advantage. In this article, we will discuss the various advantages and disadvantages of Medicare Advantage for students.

Keep on reading to find out more:

Pros of Medicare Advantage Plan Medicare Advantage Can Cost Less For a Student As a student, you need to save as much as possible. Switching to a Medicare Advantage plan may be a smart move to save you some money. However, this will depend on the insurer you choose. Some insurer with Medicare Advantage plans have premiums as low as $0.

Access To More Health Providers Medicare Advantage plan gives you access to more healthcare providers. If you choose the Medicare Advantage plan that includes prescription drug coverage, you will also have access to medication therapy management.

Cons of Medicare Advantage Plan You Are Stuck At Specific Service Areas One of the big problems with Medicare Advantage Plan is that it has a limited network of participating providers. You need to reside in the Medicare Advantage plan service area that you enrolled in for at least 6 months of the year.

Your Freedom of Choice in Health Care Providers May be Limited Another risk is finding yourself limited in choosing a health care provider. Since they have provider networks, you will have to choose your healthcare provider from their network.

Final Words Medicare Advantage Plan could be a smart option for a student who wants to save some money while getting quality healthcare coverage. However, this policy can be complicated and it changes frequently. Make sure you do your research and check out the Medicare Advantage plans 2020 policy before enrolling into the program. Additionally, you can schedule an appointment with experts to help you understand how it works before making your final decision.