The Best Medicare Advantage Plans to Consider for 2024

With over 28 million Americans enrolled in private Medicare Advantage Plans as of 2022, these options offered by health insurers that contract with Medicare continue gaining popularity as an alternative to Original Medicare. As we look ahead to the 2024 plan year, it’s important for soon-to-be seniors signing up for Medicare for the first time and current enrollees evaluating new options during open enrollment to understand the landscape and know how to shop for the best Medicare Advantage Plan.

Factors to Consider When Choosing a Medicare Advantage Plan

Choosing a Medicare Advantage Plan is an important decision that requires careful consideration of your needs and preferences. Here are some key factors to keep in mind:

Cost – Take a close look at premiums, deductibles, copays, and maximum out-of-pocket limits. Plans with $0 premiums often have higher cost sharing that could end up costing more overall for frequent healthcare users.

Coverage – Make sure the plan includes all doctors and hospitals you want to use. Confirm it covers your prescription medications or provides acceptable alternatives if your drugs aren’t on the formulary.

Convenience – Consider how important it is to have national coverage for times you may be traveling away from home. HMOs tend provide coverage only in their local service area.

Benefits – Many Advantage Plans offer dental, vision, hearing, transportation, fitness benefits and more that aren’t included in basic Medicare. These extras improve quality of life.

Health Profile – Your health conditions and typical use of healthcare services should factor into choosing the right plan design in terms of copays, networks, drug coverage, and out-of-pocket limits.

Top Medicare Advantage Providers in 2024

While many insurers offer Medicare Advantage Plans, certain companies distinguish themselves in terms of network size, high-quality ratings, affordability, and supplemental benefits offered. Here are some of the top Medicare Advantage providers to consider.

UnitedHealthcare

With the largest national Medicare Advantage network, UnitedHealthcare should rank high on your list if you want flexibility and options when seeking care. They contract with over 1 million doctors and 6,000 hospitals to provide ample choice in providers. Many of their plans are available throughout the U.S. so you won’t have to worry about coverage when traveling or getting care away from home. They have a variety of plan designs from HMOs to PPOs and Private Fee-for-Service plans to match your preferences.

Humana

For retirees interested in affordable Medicare Advantage Plans, Humana is sure to have options that fit your budget. They are known for competitive premiums and $0 premium offerings in many areas. Humana plans also get high marks for member satisfaction and customer service. They operate in most states and offer an array of plans including HMOs, PPOs, and Special Needs Plans. Humana also includes extra benefits like fitness programs, transportation, and meal delivery on many plans to enhance your wellbeing.

Aetna

Aetna Medicare Advantage Plans appeal to active seniors who take charge of their health. Many Aetna plans provide fitness benefits like gym memberships and health education resources to help members get and stay healthy. They also include dental, vision, hearing aid allowances, and OTC drug benefits on most plans to help fill Medicare’s gaps in coverage. With a national footprint spanning all 50 states, Aetna offers different types of Advantage Plans from HMOs to PPOs and various Special Needs Plans.

Blue Cross Blue Shield

Medicare Advantage HMO and PPO plans from household names like Blue Cross Blue Shield provide the convenience and familiarity of being able to use local doctors and hospitals you may already know or go to. Blues plans leverage their strong community provider networks to give members access to local care. Companies like Florida Blue and BCBS Minnesota are top choices within their states. The Blue Cross Blue Shield Association collectively offers Medicare Advantage Plans in 47 states, so regional Blue brands should definitely be contenders.

Cigna

For 2024, Cigna Medicare Advantage Plans in areas like Arizona, North Carolina, Tennessee, South Carolina, and Texas make it a leading choice in those states. Cigna often includes allowances for eyeglasses, hearing aids, dental, fitness benefits, and veterinary pet insurance in select markets, going beyond basic medical coverage. If you live where a Cigna Medicare Advantage Plan is available and like the extra perks they offer, they are worth considering.

Kaiser Permanente

In areas where Kaiser Permanente operates, like California, Oregon, Washington, Hawaii, and parts of Colorado, Maryland, and Virginia, they are natural choices because of their comprehensive integrated care system. For members accustomed to getting care at Kaiser Permanente facilities and doctors, continuing with one of their Medicare health plans provides continuity. Since you must get care from Kaiser doctors if you join one of their Medicare Advantage Plans, access to their high-quality providers is key.

How to Choose the Best Medicare Advantage Plan

Choosing the optimal Medicare Advantage Plan involves:

Comparing all options in your area – Use the Medicare Plan Finder tool at Medicare.gov to view plans available where you live. Look for a few top contenders based on cost, coverage and benefits.

Understanding plan designs – Medicare Advantage HMOs and PPOs have tradeoffs to weigh in terms of networks, referrals, costs and flexibility. Know what you’re signing up for.

Evaluating costs – Premium isn’t the only cost. Look at deductibles, copays, coinsurance, and maximum out-of-pocket limits that determine total spending.

Verifying all your doctors and hospitals are included – Make sure providers you want to continue seeing are in-network and the plan describes the process for referrals to specialists if needed.

Checking medicines are covered or alternatives offered – If a plan’s formulary doesn’t include one of your prescription drugs, understand your options like requesting an exception or using a similar medication.

Understanding quality ratings – Medicare’s star ratings provide an objective measure of plan quality to inform your choice. 5-star plans are the top performers.

Considering convenience factors – Local vs national plans have tradeoffs if you travel. If providers are important, make sure they participate before you select a plan.

Weighing supplemental benefits – Many Advantage Plans offer dental, vision, hearing, fitness, and other perks not provided by basic Medicare that may appeal to you.

Thinking long-term – Once enrolled in a Medicare Advantage Plan, you’re generally locked in for the calendar year. Make sure it will meet your needs for the foreseeable future.

Doing your homework by following these steps will help identify the optimal Medicare Advantage Plan that aligns with your healthcare priorities and lifestyle. Matching your preferences to plan offerings will set you up for satisfaction and savings in 2024. Use Medicare’s plan shopping tools and call insurers to learn the details before making a decision.

We’re Here to Help

You do not have to spend hours reading articles on the internet to get answers to your Medicare Questions. Give Green Insurance Agency a Call at 904-717-1176. You will get the answers you seek in a matter of minutes, with no pressure and no sales pitch. We are truly here to help.

FAQs

What are the different types of Medicare Advantage Plans?

Medicare Advantage Plans include HMO plans, PPO plans, private fee-for-service plans, special needs plans, and Medicare Medical Savings Account (MSA) plans.

How do I find the best Medicare Advantage Plan for 2024?

To find the best Medicare Advantage Plan for 2024, you can compare plans based on costs, coverage, and provider networks using the Medicare Plan Finder tool or by contacting the Medicare helpline.

Can Medicare Advantage Plans cover prescription drug coverage?

Yes, many Medicare Advantage Plans include prescription drug coverage (Part D) as part of their benefits package.

What is the difference between Original Medicare and Medicare Advantage Plans?

Original Medicare (Part A and Part B) is provided by the government and Medicare Advantage Plans (Part C) are offered by private insurance companies, providing all Part A and Part B benefits, and often additional coverage.

How do I sign up for a Medicare Advantage Plan in 2024?

You can sign up for a Medicare Advantage Plan during the annual enrollment period (October 15 to December 7) or during a special enrollment period if you qualify due to certain circumstances such as moving, losing other coverage, or becoming eligible for Medicaid.

What are some of the best Medicare Advantage companies for 2024?

Some of the best Medicare Advantage providers for 2024 include UnitedHealthcare, Humana, Kaiser Permanente, Aetna, and Blue Cross Blue Shield.

What should I consider when choosing a Medicare Advantage Plan?

When choosing a Medicare Advantage Plan, consider factors such as coverage options, costs (premiums, deductibles, copayments), provider networks, prescription drug coverage, and additional benefits such as dental, vision, and fitness programs.

Is it possible to get a Medicare Supplement Plan in 2024?

Yes, you can enroll in a Medicare Supplement (Medigap) plan at any time, but the best time to enroll is during your open enrollment period, typically within six months of enrolling in Medicare Part B.

What does Medicare drug coverage include?

Medicare drug coverage (Part D) includes prescription drug plans offered by private insurance companies that provide coverage for prescription medications at participating pharmacies.

What are the enrollment options for Medicare Advantage Plans in 2024?

The enrollment options for Medicare Advantage Plans in 2024 include the annual enrollment period (October 15 to December 7) and special enrollment periods for specific circumstances such as moving, losing other coverage, or becoming eligible for Medicaid.