The Hidden Dangers of Medicare Advantage Plans for Social Security Recipients [View all]
Its open enrollment time for Medicare eligibles. All those TV ads and direct mail pieces, some of which come from hospitals, urging you to switch to a Medicare Advantage Plan from the traditional Medicare Part A and B.
Medicare Advantage plans, also known as Medicare Part C, have gained popularity recently as an alternative to traditional Medicare. These plans offer enticing benefits such as low premiums and additional coverage, making them seem like an excellent choice for Social Security recipients. However, beneath the surface, hidden dangers and drawbacks may make Medicare Advantage plans a bad choice for those relying on Social Security benefits.
As a retired healthcare executive, if you are considering enrolling for the first time or switching from traditional Medicare, dont do it. It is a shell game that gives providers some reimbursement certainty and cost control for CMS. But, as the healthcare consumer, you still pay the deductibles and co-pays just like traditional Medicare Part A and B.
While it sounds great that you get all these additional services on Medicare Advantage, are you financially prepared to spend thousands of dollars out of pocket for what Medicare Advantage does not pay?