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A “zero dollar” premium Medicare Advantage plan may seem too good to be true, but they do exist.
Medicare Advantage plans cover what Medicare Part A and B cover, and also may include extra benefits as well. Note that Medicare Advantage plans are provided by private insurance companies while Medicare Part A and Part B are provided by the government. This means that Medicare Advantage plans are able to set their own costs, including premiums, copayments/coinsurance and deductibles.
If you are looking into zero-dollar Medicare Advantage plans, be aware that just because a plan has a zero premium doesn’t mean you will have no health care costs with that plan.
A premium is an amount you pay monthly to have insurance, whether you use the covered services or not. A premium is just one way that you could pay for health insurance coverage. Other ways you pay for health care coverage include copayments/coinsurance and deductibles.
A zero premium Medicare Advantage plan charges $0 monthly to have that plan. This may look attractive compared to other plans that charge $55 a month or $90 a month, for example. However, you will be responsible for other costs with a zero premium Medicare Advantage plan.
Zero premium Medicare Advantage plans are not free. Costs you may be responsible for include:
Another factor that may affect your health care spending is your Medicare Advantage plans’ maximum out-of-pocket amount. Every Medicare Advantage plan, including $0-premium plans, has an out-of-pocket maximum that can vary among plans and might change year to year. This amount is about the total cost you have to pay for Medicare-covered services. Once you have spent a certain amount on these services in one calendar year, you won’t have to pay any more for covered medical services that year. The out-of-pocket maximum doesn’t include what you spend monthly on premiums.
Perhaps counterintuitively, you may spend more with a zero premium Medicare Advantage plan than for a Medicare Advantage plan with a higher monthly premium, depending on your medical needs. For example, if you had a $49,000 knee surgery and no other medical expenses in a year, here is what you might pay with two different Medicare Advantage plans:
|Premium||Out of Pocket Maximum||Total you pay:|
|Medicare Advantage Plan 1||$0/yearly||$6,700||$6,700|
|Medicare Advantage Plan 2||$600/yearly||$3,000||$3,600|
Do you want a zero premium Medicare Advantage plan? Contact eHealth ’s licensed insurance agents or just enter your zip code on this page to begin shopping online.
eHealth's Medicare website is operated by eHealthInsurance Services, Inc., a licensed health insurance agency doing business as eHealth. The purpose of this site is the solicitation of insurance. Contact may be made by an insurance agent/producer or insurance company. eHealth and Medicare supplement insurance plans are not connected with or endorsed by the U.S. government or the federal Medicare program. We offer plans from a number of insurance companies.