Art of Insurance Blog
Medicare Advantage keeps growing its popularity, and you may want to get it as it looks promising because of the demand. However, there are still some things you need to know about it, like its out-of-pocket maximum. Unlike in Traditional Medicare, you can’t use Medigap to balance out-of-pocket costs with Medicare Advantage.
Determining your out-of-pocket maximum in Medicare Advantage can be quite confusing as it offers various options to choose from. Medicare Advantage covers the coverages of both Medicare Part A and B and most of the time, Part D too. And among these varies the cost of the premium, coinsurance, deductibles, and out-of-pocket. But the good news is Medicare Advantage has its annual out-of-pocket limits, known as Maximum-Out-Of-Pockets or MOOP.
Below is the run-through of cost-sharing in the Medicare Advantage Plan:
Here are the costs that will be credited in Medicare Advantage Maximum Out-of-pocket:
Even without Medicare Supplement, there are still some ways to help you with your out-of-pocket expenses like maximum out-of-pocket. However, Medicare Advantage Plans do change their maximum out-of-pocket every year. And this 2021, we should expect an increase of MOOP up to $7,550. You don’t need to worry as these changes aren’t sudden. You’ll get an Annual Notice of Change letter from your Medicare plan to notify you if there will be changes soon.
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