10 States with the Lowest Annual Medicare Advantage Costs

hand holding money over map of US; states with cheapest medicare advantage costs

Medicare Advantage costs are dropping on the whole in 2019. However, some states have lower annual costs than others. Because Medicare Advantage is Medicare coverage sold through private insurance companies, prices vary based on where you live.

States with the lowest annual Medicare Advantage costs

According to HealthMarkets, the following states will have the lowest annual Medicare Advantage costs for 2019.

infographic showing states with the cheapest medicare advantage costs

Other Medicare Advantage costs

The premium for your plan isn’t the only price to take into account. You should also consider your plan’s out-of-pocket maximum, deductible, copayments, coinsurance, and whether or not your preferred doctor is covered by your plan. If your doctor is out of network, you may want to consider changing plans or doctors to make sure you’re not overpaying for your healthcare. All of these costs will vary by plan, and each plan will vary based on where you live, so it’s important to do your research before you commit.

Dropping Medicare Advantage costs

Medicare Advantage costs are down on the whole for 2019. Michael Z. Stahl, chief marketing officer at HealthMarkets, said, “On a total cost basis, which includes max out-of-pocket expenses, deductibles and premiums nationwide, it’s down about 3 percent.”

One reason for this could be a one-year tax reprieve granted to insurers by the Affordable Care Act. The reprieve was designed to help fund federal and state insurance marketplace exchanges. Because of this, annual Medicare Advantage premiums are on the decline. However, once the tax reprieve has ended, Medicare Advantage costs could climb again.

Open enrollment

If you’re not happy with your Medicare Advantage plan, now is the time to change it. Medicare open enrollment runs from October 15 – December 7. During this time, you can switch from Original Medicare to Medicare Advantage (and vice versa), or change Medicare Advantage plans. If you don’t have prescription drug coverage through your Medicare Advantage plan, you can also pick up a Part D plan during this time.

Choosing a Medicare plan is an important step in managing your health, so do your research ahead of time to help you select the plan that’s right for you.

blog image

Medicare World Blog