Medicare Advantage plans can be a great way to get coverage for medical expenses, but they come with some drawbacks. One of the biggest disadvantages of Medicare Advantage plans is that they can be expensive if you're sick due to uncovered copays. Additionally, a plan may offer only a limited network of doctors, which can interfere with a patient's choice. It's also not easy to switch to another plan, and if you decide to switch to a Medigap policy, there are often lifetime penalties.
Budgeting for healthcare costs can also be difficult when you have Medicare Advantage, as you pay most of your health care costs when you use the services. This can be especially problematic if you don't fit into one of the five categories that make this less of an issue. Another disadvantage of Medicare Advantage plans is that they are considered standard Medicare supplemental coverage plans, making it difficult to find additional coverage. You may also have to pay monthly premium costs, and your alternative is to go with Original Medicare and add a supplemental plan or Medigap that covers your out-of-pocket costs and offers you a wider range of providers.
Finally, if you need expensive medical care, you could end up paying more out of pocket than you would with Original Medicare. This is because Medicare Advantage plans are offered through private insurance agencies, and the Centers for Medicare and Medicaid Services (CMS) allow insurers to modify their plans every year. Overall, while Medicare Advantage plans have many positive attributes, they also come with some drawbacks that should be taken into consideration before signing up for one.