The amount of eligible Medicare beneficiaries in Arkansas who choose to enroll in a Medicare Advantage Plan is continuing to grow. As of 2023, about 43 percent of the eligible Medicare population in Arkansas is enrolled in a Medicare Advantage Plan.1
Advantage plans operate on a fixed monthly payment from Medicare to the private company offering the plan. These plans are offered by private insurers approved by Medicare and can provide additional coverage for dental, vision, or hearing. These bundled services, plus lower premiums and eliminating the need for MediGap insurance, are appealing to beneficiaries.
All of the services Medicare provides are available with a Medicare Advantage plan, but there are factors to consider before choosing a Medicare Advantage Plan or Traditional Medicare. Some factors to consider include location, access to providers, chronic health issues, overall cost, and additional insurance benefits such as dental and vision.
Medicare Advantage plans for Arkansans can be in the form of a Health Maintenance Organization (HMO) plan, a Preferred Provider Organization (PPO) plan, a private fee-for-service (PFFS) plan, or a specialized needs plan (SNP).2
Unlike Traditional Medicare, Medicare Advantage plans operate on a limited network of providers. If you are in a rural area, this may limit your access to specific providers. While those in larger populated areas, may have a larger choice of providers. If you require certain medications or specialized care, there may be rules to follow for billing as well such as prior authorization.
Consumer Reports recommends examining benefit statements and medical bills for the past year, then adding up what you paid in deductibles and copays.3 Then also consider what your medical needs are for the next year to get the best cost analysis on which path is right for you.
Eaton Agency can help with the decision by pinpointing individual needs and comparing network access in your area. Our Medicare agents can also explore any cost-sharing options or access concerns with you. Our goal is to find the right plan for you by considering where you live, medical needs, provider access, and cost expectations. Give us a call to schedule an appointment and go over your needs and options for healthcare.
1https://achi.net/library/medicare-advantage-plan-options-and-enrollment-trends-in-arkansas/
2https://achi.net/wp-content/uploads/2024/06/240605C-Medicare-Advantage-in-Arkansas.pdf
