Best Medicare Advantage Plans For 2024

To determine the best Medicare Advantage providers, the Forbes Health editorial team evaluated all insurance companies that offer plans nationwide in terms of:

• How many states in which they provide coverage
• The types of benefits they can offer (though it varies from plan to plan)
• How CMS ranked their plans, using an average to represent the company as a whole
• How agencies like A.M. Best ranked them in terms of their financial health (which impacts how reliable an insurer is when it comes to paying claims)
• How agencies like J.D. Power ranked them in terms of consumer feedback

We focused exclusively on providing general summaries of the companies and their reputations. In order to provide specific plan recommendations accurately, it’s important to take into account the ZIP code and demographic details of the individual seeking insurance coverage. To do so, we recommend using Medicare.gov’s plan finder tool or seeking the expertise of an independent, agnostic insurance agent.

Medicare Advantage is an all-in-one plan choice alternative for receiving Medicare benefits. You may also hear it referred to as Medicare Part C. This plan is bundled with Medicare Part A and Part B and usually includes Part D, which provides prescription drug coverage.

How Do Medicare Advantage Plans Work?

Medicare pays private insurance companies to administer the benefits of Medicare Advantage plans they sell. These plans then function the same way Original Medicare (Part A and Part B) does, with the addition of benefits the private insurance provider elects to include in a given plan.

Depending on the provider and plan you choose, Medicare Advantage coverage works similarly to employer-sponsored health insurance with which you may be familiar. For a monthly premium in addition to the Medicare Part B premium, an MA plan provides set copays, coinsurance rates and deductibles for various components of care, as well as additional coverage benefits and perks.

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All Medicare Advantage plans are required to offer all coverage provided by Original Medicare (Part A and Part B), which generally includes:

• Hospital inpatient care
• Skilled nursing facility care
• Hospice care
• Home health care
• Clinical research
• Ambulance services
• Durable medical equipment (DME)
• Inpatient and outpatient mental health services
• Limited outpatient prescription drugs

Some Medicare Advantage plans offer valuable additional benefits, such as:

• Prescription drug coverage
• Vision coverage
• Dental coverage
• Hearing coverage
• Fitness program coverage (including gym memberships or discounts)
• Transportation to doctor visits
• Over-the-counter drug coverage
• Other services that promote health and wellness

Individuals who want a bundled health insurance plan that includes coverage for benefits like vision, hearing and dental services may prefer Medicare Advantage. Additionally, most Medicare Advantage plans include Part D coverage, which may be appealing to individuals who take prescription medications.

Who Shouldn’t Get a Medicare Advantage Plan?

Medicare Advantage may not be the best option for individuals who prefer to manage their health benefits individually. Instead, these beneficiaries may prefer to shop for supplemental coverage via a Medigap plan. Individuals who maintain health insurance coverage from a former employer or through Medicaid may not need the additional benefits Medicare Advantage offers.

During the open enrollment period, which runs from October 15 to December 7 each year, you can join, switch or drop a plan for your coverage to begin on January 1 of the following year.
If you’re already enrolled in a Medicare Advantage plan, you can switch to a different Medicare Advantage plan or Original Medicare during the Medicare Advantage open enrollment period, which starts on January 1 and ends on March 31 annually. You can only make one switch during that time period.

If you’re already enrolled in Original Medicare (Parts A and B), you may be eligible to switch to a Medicare Advantage plan (Part C). You must be at least 65 years old or have certain disabilities, such as permanent kidney failure or amyotrophic lateral sclerosis (ALS). If the Medicare Advantage plan you choose doesn’t already have prescription drug coverage, you have the option to enroll in Part D.

When Will 2024 Medicare Advantage Plans Be Available?

Any Medicare-eligible individual can enroll in, drop or switch Medicare Advantage plans during Medicare’s annual enrollment period, which runs from October 15 to December 7 annually. Meanwhile, those already enrolled in a Medicare Advantage plan specifically can also switch Medicare Advantage plans during the Medicare Advantage open enrollment period, which runs from January 1 to March 31 annually. All 2024 plans are currently available via Medicare.gov.

Some Medicare Advantage plans may have lower out-of-pocket costs than Original Medicare, and some have a $0 monthly premium. Here are a few questions to consider before purchasing a plan.

• Does the plan have a monthly premium?
  • Most have a $0 premium.
  • Some pay your Part B premium.
  • If you choose a plan with a premium, that premium is paid separately from your Part B premium.
• Does the plan have an annual or additional deductible?
• How much is the copayment for each visit or service?
• What type of health care services do you need, and how often do you get them?
• Does your service provider accept Medicare?
• What is the plan’s annual limit on out-of-pocket expenses?

Once you’re enrolled in a Medicare Advantage plan, it becomes your primary insurance. The provider handles paying all your claims, and the cost of your plan is likely to change every year. The plan provider (rather than Medicare) sets the amounts charged for premiums, deductibles and services. An Annual Notice of Change (ANOC) is mailed to you each September, which goes into effect the following January 1.

Factors like location play a major role in determining the cost of a Medicare Advantage plan. Costs are typically lower when you use providers in your plan’s network and service area. To find the specific cost of a Medicare Advantage plan in your zip code, visit Medicare.gov.

The following example shows how Medicare Advantage plan prices vary by state. Note: Your costs may differ from these ranges even if you live near but not in one of these areas, as rates are set by ZIP code.

Average Cost of Medicare Advantage Plans by Location

Most Medicare drug plans have a coverage gap called the “donut hole,” which means there’s a temporary limit on what the drug plan will cover. “A person gets limited coverage while in the ‘donut hole.’ whether on a Medicare Advantage plan or a separate Part D plan,” says Antinea Martin-Alexander, founder of Advocate Insurance Group in South Carolina. “The individual will pay no more than 25% of the cost of the medication in the donut hole until a total out of $6,550 in out of pocket expenses is reached. There are different items that contribute to the out-of-pocket expenses while in the donut hole: any yearly drug deductible you may have, copays for any and all your medications, what the manufacturer’s discount is on that medication and what the insurance company pays for that medication,” she says.

There are four common types of Medicare Advantage plans to compare when making your selection.

Health Maintenance Organization (HMO)

• Must receive your care from providers in your plan’s network except in the case of emergency care or out-of-area dialysis
• Requires choosing a primary care provider
• Typically covers prescription drugs
• Requires specialty referrals

Preferred Provider Organization (PPO)

• Allows you to choose your service provider, but costs more if you choose out of network
• Typically covers prescription drugs
• Doesn’t require you to select a primary care provider
• Usually doesn’t require a specialty referral

Private Fee-for-Service (PFFS)

• Allows you to choose any provider who agrees to accept PFFS plans
• Typically covers prescription drugs
• Doesn’t require you to select a primary care provider

Special Needs Plans (SNP)

• Benefits, drug coverage and provider choices are tailored to best meet the needs of the groups served by the plan.
• Membership is limited to people with specific chronic diseases or conditions that are disabling, those who require institutional or nursing home care and people who have both Medicare and Medicaid coverage.

It’s easy to switch Medicare Advantage plans if you’re already using a Medicare Advantage plan. Enroll in a new plan during one of the open enrollment periods, and your old plan will disenroll you once your new coverage begins. If you receive medical insurance through an employer or elsewhere, speak with your provider to understand how you and your family’s coverage may change while under Medicare Advantage before deciding to make the switch.

Consider the following details when deciding whether a Medicare Advantage plan or Original Medicare is best for you.

Medicare Advantage plans serve as a substitute for Original Medicare, providing that same coverage plus additional benefits like prescription drugs coverage (Part D). Meanwhile, Medicare Supplement plans, or Medigap plans, are sold by private insurance companies to people enrolled in Original Medicare to help fill the gaps of that coverage.

The 10 types of Medigap plans provide standardized coverage to beneficiaries nationwide and help pay for things like deductibles, coinsurance and copays. Because plan coverages are standardized, only monthly premium rates vary from provider to provider. Also, Medigap policies don’t typically cover prescription drugs. A person enrolled in Original Medicare who wants prescription drug coverage needs to purchase a separate Medicare Part D plan in addition to any Medicare Supplement plan. Many Medigap plans don’t provide dental, vision or hearing coverage, either.

Conversely, Medicare Advantage policies are only standardized in that they must provide the same benefits of Original Medicare. Once this threshold is met, private insurance providers can add any number of benefits and services to a plan—prescription drugs, dental care, vision care and more—to make them more comprehensive (and often more expensive).

FEATURED PARTNER OFFER

Partner Offers feature brands who paid Forbes Health to appear at the top of our list. While this may influence where their products or services appear on our site, it in no way affects our ratings, which are based on thorough research, solid methodologies and expert advice. Our partners cannot pay us to guarantee favorable reviews of their products or services

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Medicare Advantage plans have some elements you might find appealing, as well as other features that may not match your needs. Consider both the benefits and drawbacks below before enrolling in a Medicare Advantage plan.

Benefits of Medicare Advantage

• Must offer at least the same level of coverage as Original Medicare
• It’s easy to switch from one Medicare Advantage plan to another if already enrolled in one.
• Costs are typically lower, with most premiums starting at $0, lower coinsurance or copayments, limits on out-of-pocket spending and potential coverage for your Part B premium.
• Many plans offer added benefits, such as vision coverage, dental coverage, hearing coverage, drug coverage and fitness benefits.

Disadvantages of Medicare Advantage

• Must use network providers and live in the service area for at least six months of the year
• If you use an out-of-network provider, your costs may be higher or not covered and may go toward your out-of-pocket limit.
• Requires prior authorizations for hospital stays, procedures, home health care and medical equipment
• Often requires referrals for specialist

“Find a knowledgeable insurance agent,” says Joe Valenzuela, co-owner of Vista Mutual Insurance Services in the San Francisco Bay area. “Having an agent doesn’t cost the member anything. Medicare insurance agents are subject matter experts—many have spent years learning the ins and outs of each plan they represent. There are also many nuanced differences between Medicare Advantage plans. An agent can narrow down the search to only those plans that most closely align with the client’s needs.”

Valenzuela recommends asking what is most important to you when choosing a Medicare Advantage plan and keeping that priority top of mind. He also suggests paying attention to the fine print in the plan you select.

“Once you narrow your search down to one or two plans, look through the plan’s benefits line by line—you don’t want any surprises,” he says. “For example, a plan may have a low premium and copayments but might cost you much more each month in prescription copays.”

“A couple of important benefits to look at are the plan’s annual out-of-pocket maximum (the maximum amount the member could be responsible for in a calendar year) and your prescription drug costs,” adds Valenzuela. “Check all your medications on the plan’s formulary so you’re aware of the prescription copayments, deductibles and any restrictions.”

HealthCompare Insurance Services does not offer every plan available in your area. Currently it represents 18 organizations, which offers 52,101 products in your area. Please contact Medicare.gov, 1-800-MEDICARE, or your local State Health Insurance Program (SHIP) to get information on all of your options.

HealthCompare Insurance Services represents Medicare Advantage HMO, PPO, and PFFS organizations and stand-alone PDP prescription drug plans that are contracted with Medicare. Enrollment depends on the plan’s contract renewal.