Understanding Medicare Advantage Plans in Memphis

Choosing the right Medicare plan can feel overwhelming, especially when you start hearing terms like Medicare Advantage, Part C, and in-network providers. If you're a resident of Memphis or the surrounding areas in Tennessee, this guide will help you understand your options and make confident, informed choices.

At AEC Insure, we specialize in helping seniors navigate Medicare plans that fit their needs and budget. This Post breaks down what you need to know about Medicare Advantage in Memphis. We have also included some general terms Medicare uses that are important for those that new to Medicare. If you would like to learn more, you can visit aecinsure.com/blog/medicare101, where you can learn about original Medicare and how you can be penalized by not incorporating certain coverage on time.

What Is a Medicare Advantage Plan?

Original Medicare consists of Part A (Hospital Insurance) and Part B (Medical Insurance). Medicare Advantage (Part C) is an all-in-one alternative to Original Medicare. Private insurance companies, approved by Medicare, offer these plans and often include extra benefits like:

• Vision, Dental, and hearing coverage

• Prescription drug coverage (Part D)

• Wellness programs and gym memberships

• Transportation to medical appointments

In many cases, Medicare Advantage plans offer lower out-of-pocket costs than Original Medicare, but they come with specific provider networks and plan rules.

Medicare Advantage in Memphis, TN: Local Options

Several major insurers offer Medicare Advantage plans in the Memphis area, including:

• Humana

• United Healthcare (AARP)

• Cigna

• Aetna

• Wellcare

• Devoted

• Zing

Each plan offers different premiums, coverage, and provider networks. Which is why it's important to compare based on your personal medical needs. Oftentimes, people new to Medicare decide to stick with the same carrier as a former employer-sponsored plan, or ask family and friends what kind of coverage they have and want to enroll in the same plan. This could very well be a costly mistake.

Medicare Advantage plans have a different structure from an employer-sponsored plan. And because Medicare is individual-based, choosing a plan on recommendation, also without taking into account your health and well-being, could leave you exposed to unnecessary financial risk, and in some cases, delay healthcare service or lack of coverage for a needed procedure.

What to Consider about Medigap and Medicare Advantage

What to Consider When Choosing a Medicare Insurance Plan

It can be easy to get online and find a plan that you think you like, just to find out mid-year that certain doctors or procedures are not covered in the plan you chose. To help you, there are a few questions you should ask yourself before you sign on the dotted line.

Before enrolling, ask yourself the following questions:

1. Am I confident that I have considered everything, or would it be best to seek out a professional? Sometimes, we overlook the obvious, get overwhelmed, and make decisions based solely on emotion. But there is nothing wrong with seeking unbiased advice from a health insurance broker. Simply put, insurance agents and brokers are professionals who complete rigorous testing annually in order to present Medicare insurance plan products. Oftentimes, the consultation is free of charge, unless another service is offered.

   
   

2. Are my doctors in-network? Most Medicare Advantage plans in Memphis have local provider networks, and you may need to switch providers or get referrals.

   
   

3. What are the monthly premiums? Some plans have $0 premiums, but that doesn't mean zero costs overall. With the savings from a $0 premium plan, there are options available to assist with deductibles can copays. An agent or broker will go over the plan with you and explain the policy and other plans to offset a portion of out-of-pocket expenses.

   
   

4. Do I need prescription drug coverage? Make sure the plan includes your medications in its formulary. When speaking with an agent or broker, ensure that you have a list of all your current medications and their respective dosage to ensure that the plan you choose covers the medications you take.

   
   

5. Am I covered while traveling? If you live in Tennessee but travel to Mississippi or beyond, make sure your plan offers out-of-network coverage. Medicare Advantage plans can be either an HMO or a PPO. Giving an option to choose what is best for your current lifestyle. Some HMO plans allow for travel as well.

   
   
   
   

When can You Enroll in a Medicare Insurance plan?

The key Medicare enrollment periods are:

• Initial Enrollment Period: Starts 3 months before your 65th birthday and lasts for 7 months.

• Annual Enrollment Period (AEP): Usually between October 15 to December 7. It is important to remember October 1- 14th, because this is an opportunity to see what plans will be available for the next plan year. You can not enroll during the first 14 days of October, but it gives you a chance to compare the new plan against your current plan and speak with doctors to see if they will remain in your current network.

• Open Enrollment Period (OEP): January 1- March 31. During this time, you are allowed to switch between plans.

Not sure if you qualify? We can help determine your eligibility and deadlines. At AEC Insure, we work one-on-one with seniors in Memphis and Northwest Mississippi to compare Medicare Advantage and Medigap plans, make sure your providers and medications are covered, explain benefits in plain language, and handle enrollment at no cost to you.

You don't have to figure out everything on your own. We're here to guide you every step of the way. Schedule a free consultation today by clicking here.