While marketing the Medicare Advantage Plans, the private insurance companies, often highlight the Zero Premium plans. Apparently, it might give you an idea that you are getting a comprehensive plan for health coverage at no cost. However, it is just the truth, half-told. Let’s explore the hidden or indirect cost that you pay for these policies.
You will still be liable to pay the premium for the Part B of the Original Medicare Plan
After you have subscribed to the Medicare Advantage Plans, you will still have to pay the premium, due for the Part B coverage of the Original Medicare plan. Thus, it is not practical to assume that you can get health coverage at absolutely no cost. However, so long you continue paying the premium for the Part B, you will continue the receive the corresponding benefits, even after you have subscribed to the Medicare Advantage Plan. Hence, you should not mind paying this premium, but, you should be aware of the fact that it is not that you are getting the benefits for free of cost.
The plans of Medicare Advantage are likely to involve deductibles, coinsurance and Co-payments
In the majority of the instances, the Zero premium plans for Medicare Advantages involve the deductibles, coinsurance as well as Co-payments. Explained in simple terms, these are specific amounts that you have to pay, before getting the corresponding benefits from the plan as well as the amount of money that you require paying for getting the covered services. It is always likely that even if the insurer is not charging you any premium directly, you will still have to pay for the plan indirectly, under these heads.
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In other words, you can only consider those plans to be actually zero-cost health benefit schemes, if such plans don’t involve any premium as well as comes without the provisions for deductible, coinsurance and Co-payments.
In addition, subscribing to these plans, never entitles you to get medical facilities, without the need to incur up from expenses from your pocket. Rather, these plans set a specific limit for the out-of-pocket expenses and you get exemptions to pay any fees for availing medical facilities, only after crossing the specific ceiling. Hence, Before you are acting crazy for the plans that comes at Zero Premium, you need to be aware of these hidden points and take the necessary steps in a sensible and wise manner.