4 Medicare Advantage Costs You Might Not Expect
Medicare is a great program for retirees, but it ain't free. Even original Medicare has costs associated with it, and Medicare Advantage plans, which are issued by private insurance companies, can get quite spendy -- sometimes in ways you wouldn't expect. Before you sign up for such a plan, check the fine print for any of the following expenses to understand how much the plan will really cost you.
A Medicare Advantage plan's monthly premium is the most obvious cost associated with the plan; when you pull up a list of the plans available in your area, their premiums will be prominently listed in the summary page. As a rule of thumb, the better the coverage that the policy provides, the higher the premium will be -- the insurance version of "you get what you pay for."
If you're in good health and don't have a lot of medical expenses, it's usually best to go with a cheaper plan that offers a lower level of coverage. However, if you have significant medical expenses during most years, a higher premium plan will probably save you money overall because such a plan will cover more of your medical expenses. Before picking such an expensive plan, check its details to make sure it covers the kinds of medical expenses you expect to incur.
Source: Fool.com
