A popular type of health insurance coverage for U.S. adults age 65 and older is Medicare Advantage, or Medicare Part C. However, picking the right plan can be tough—nationwide, insurance providers offered a total of 3,550 different Medicare Advantage plans in 2021 alone. Locating the right insurance plan is also largely customized to the individual. You can you view a list of plans you’re eligible for, only by supplying your ZIP code and demographic information, and even then, you’re likely comparing between the features of 30 plans approximately.
Seeking out the assistance of an independent, agnostic health insurance agent is the best way to navigate this overwhelming hurdle. But, you can also get started by honing on the health insurance companies that, generally, provide top-notch Medicare Advantage plans, based on elements such as provider network size, additional benefits and coverage.
The Forbes Health editorial team decided the best Medicare Advantage providers of 2022, analyzing U.S. insurance companies that offer nationwide plans by the number of states they provide coverage in, the variety of offered benefits, how they were ranked by the Centers for Medicare and Medicaid Services (CMS), how they were ranked in terms of their financial health by agencies like A.M. Best, how agencies like J.D. Power ranked them by way of consumer feedback and more. Read ahead to discover which providers made our list.
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If you’re planning to enroll in a Medicare plan this year, you may be wondering what the best plan is. While there are a number of Medicare plan options to choose from, the best plan for you will depend on your medical and financial situation. Luckily, you can compare the advantages and disadvantages of each Medicare offering to find a plan that works well for you.
Medicare is a government-funded insurance option available to people age 65 or older, as well as individuals receiving disability benefits. When you enroll in Medicare, you can choose from a variety of coverage options.
Medicare Part A
Part A covers hospital services, including inpatient hospital care, limited home healthcare visits, short-term skilled nursing facility stays, and hospice care.
Medicare Part B
Part B covers general medical services, including preventive, diagnostic, and treatment services for health conditions. It also covers emergency room visits and emergency medical transportation costs.
Medicare Part C (Medicare Advantage)
Part C, also known as Medicare Advantage, is offered by private insurance companies. It can cover Part A, Part B, prescription drugs, and additional healthcare services, such as dental and vision care.
Medicare Part D
Part D helps cover prescription drug costs. Private insurance companies offer these plans as an add-on to original Medicare.
Medigap
Medigap, or Medicare supplemental insurance, helps cover out-of-pocket medical costs and is also used as an add-on to original Medicare.
If you’re still wondering what the best Medicare plan is for you or a loved one, consider the advantages and disadvantages of each plan.
Here are some important things to consider when choosing the best Medicare plan for you:
- The type of coverage you already have. Do you have veteran’s benefits or coverage under an employer or spouse’s employer?
- The type of coverage you need. Are you managing any chronic conditions or know that you’ll need a surgical procedure in the near future?
- The prescription drugs you take. Do you take several medications each month or specialty drugs?
- Foreign travel. Do you travel abroad and want emergency coverage overseas?
- How much you can afford to pay for medical care. How much is your income each month? Each year?
If you need help calculating costs for plans in your area, visit Medicare.gov and use their find a plan tool. This can help you compare plan types, costs, coverage, and more.
Important Medicare enrollment deadlinesTo ensure that you enroll on time to avoid coverage gaps and late penalties, pay close attention to the following Medicare enrollment periods:
- Your 65th birthday. You can enroll in Medicare any time within the 3 months before or after your 65th birthday.
- Six months following your 65th birthday. If you want to enroll in Medigap, you can do so for up to 6 months after your 65th birthday.
- January 1 to March 31. This is the enrollment period for anyone who didn’t sign up for a Medicare plan when first eligible (although there are penalties for waiting). You can also sign up for a Medicare Advantage plan during this period.
- April 1 to June 30. If you’re interested in adding Part D to your original Medicare plan, you can enroll at this time. However, it’s important that you enroll in a Part D plan as soon as you’re eligible to avoid a permanent late enrollment penalty.
- October 15 to December 7. This is the open enrollment period. During this time, you can enroll in, drop, or change your Medicare Part C or Part D plan.
- Special enrollment period. Under some circumstances, you may qualify for a special enrollment period. During your special enrollment period, you’ll have 8 months to enroll in a plan.
The best Medicare plan is one that covers all your necessary medical and financial needs. There are advantages and disadvantages to each Medicare plan option, ranging from cost-effectiveness to provider limitations, and more.
Whether you choose original Medicare with add-ons or Medicare Advantage, shop around and compare the best Medicare plan for you.
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The information on this website may assist you in making personal decisions about insurance, but it is not intended to provide advice regarding the purchase or use of any insurance or insurance products. Healthline Media does not transact the business of insurance in any manner and is not licensed as an insurance company or producer in any U.S. jurisdiction. Healthline Media does not recommend or endorse any third parties that may transact the business of insurance.
Medicare is a Federal health insurance program for people 65 years or older, certain people with disabilities, and people with end-stage renal disease (ESRD). When you first enroll in Medicare, you'll have Original Medicare, unless you make another choice. There are different ways you can get Medicare coverage, including a Medicare Advantage Plan (like HMO or PPO). In some types of plans that don't offer drug coverage, you may be able to join a Medicare Prescription Drug Plan.
Visit Medicare.gov to:
- Get detailed information about the Medicare health and prescription drug plans in your area, including what they cost and what services they provide.
- Find doctors or other health care providers and suppliers who participate in Medicare.
- See what Medicare covers, including preventive services.
- Get Medicare appeals information and forms.
- Get information about the quality of care provided by plans, nursing homes, hospitals, home health agencies, and dialysis facilities.
- Look up helpful websites and phone numbers.
For information on Medicare, visit the website or call toll free 1-800-MEDICARE (1-800-633-4227).
Medicare Prescription Drug Coverage: Since January 1, 2006, everyone with Medicare, regardless of income, health status, or prescription drug usage has had access to prescription drug coverage. For more information about this program, visit: //www.medicare.gov/part-d/index.html.
Medicare offers prescription drug coverage to everyone with Medicare. If you decide not to join a Medicare Prescription Drug Plan (Part D) when you're first eligible, and you don't have other creditable prescription drug coverage, or you don't get Extra Help, you'll likely pay a late enrollment penalty.
To get Medicare drug coverage, you must join a plan run by an insurance company or other private company approved by Medicare. Each plan can vary in cost and drugs covered.
There are two ways to get drug coverage:
1. A Medicare Prescription Drug Plan (Part D)
2. A Medicare Advantage Plan (Part C), like an HMO or PPO, or other Medicare health plan that offers Medicare prescription drug coverage.
Visit //www.medicare.gov/drug-coverage-part-d for more information on these two options, or call 1-800-MEDICARE (1-800-633-4227). TTY users can call 1-877-486-2048.
Medicaid is a joint federal and state program that provides free or low-cost health coverage to millions of Americans, including some low-income people, families and children, pregnant women, the elderly, and people with disabilities. The federal government provides a portion of the funding for Medicaid and sets guidelines for the program. Medicaid programs vary from state to state. They may also have different names, like "Medical Assistance" or "Medi-Cal."
Learn More: //www.medicaid.gov/
The Children's Health Insurance Program (CHIP) is a partnership between the federal and state governments that provides low-cost health coverage to children in families that earn too much money to qualify for Medicaid. In some states, CHIP covers pregnant women. Each state offers CHIP coverage, and works closely with its state Medicaid program. CHIP benefits are different in each state. But all states provide comprehensive coverage, like routine check-ups, immunizations, doctor visits, and prescriptions. Check with your state for information about covered services.
Each state program has its own rules about who qualifies for Medicaid and CHIP. You can apply right now, any time of year, and find out if you qualify. If you apply for Medicaid coverage to your state agency, you'll also find out if your children qualify for CHIP. You must check with the CHIP office in the state you live in to confirm if your family is eligible to get benefits. These programs may be called different names in your state. To find information about the Medicaid and CHIP programs in your state, visit InsureKidsNow.gov or call 1-877-KIDS-NOW (1-877-543-7669). When you call the free and confidential hotline, you'll be connected to someone in your state who can help you learn whether your children may qualify and help you enroll them.
The Health Insurance Marketplace was created by the Affordable Care Act and helps you find health coverage that fits your needs and budget. Every health plan in the Marketplace offers the same set of essential health benefits, including doctor visits, preventive care, hospitalization, prescriptions, and more. You can compare plans based on price, benefits, quality, and other features important to you before you make a choice. People in most states use HealthCare.gov to apply for and enroll in health coverage.
With one application, you'll see if you qualify for free or low-cost coverage through Medicaid or CHIP, or for savings on a Marketplace plan. Most people who apply will qualify for some kind of savings. For more information, visit HealthCare.gov or call the Marketplace Call Center at 1-800-318-2596, 24 hours a day, 7 days a week. TTY users should call 1-855-889-4325.
If your state runs its own Marketplace, you won't use HealthCare.gov. You'll use your state's website to enroll in individual/family or small business health coverage, or both. For a list of State-based Marketplaces, please visit: //www.healthcare.gov/marketplace-in-your-state/.