How to Find the Best Medicare Advantage Plan in Nevada
The state of Nevada has a little over half a million people on Medicare, and 54% are enrolled in a Medicare Advantage plan. While there’s a clear interest in these plans, having a lot of options can make finding the best Medicare Advantage plan difficult.
Keep reading if you have questions about how to compare your options and find the best Medicare Advantage plan in Nevada. We’ll share tips that will help you in your search, with a focus on what’s best for your situation.
Key takeaways:
You can use Medicare star ratings to see which plans are rated highly in Nevada.
Medicare awarded 5 stars, the highest rating, to some Medicare Advantage plans offered by Select Health in Nevada.
The best Medicare Advantage plan is different for everyone. Your best plan should cover the services you need at a price you can afford.
Quick facts about Medicare Advantage plans in Nevada
There are 13 insurance providers that offer Medicare Advantage plans in Nevada.
Some Select Health plans earned a 5-star Medicare rating in Nevada.
Depending on where you live in Nevada, you’ll have between 2-46 different Medicare Advantage plans to choose from.
How Medicare Advantage plans work
Understanding how Original Medicare works can help you understand the pros of cons of both Original Medicare and Medicare Advantage. Original Medicare is made up of Part A (hospital insurance) and Part B (medical insurance). Part B typically covers 80% of your medical bill, leaving you responsible for the rest.
Medicare Advantage plans bundle Part A, Part B, and other additional benefits that Original Medicare doesn’t cover. These additional benefits often include prescription drug coverage and routine vision, dental, and hearing services. Plans also often offer a different set of health and wellness benefits, like free gym memberships or over-the-counter spending cards.
While Medicare Advantage plans may sound like the better option, keep in mind that no insurance is perfect! Medicare Advantage plans have a few key drawbacks you should know about:
Private insurance companies offer Medicare Advantage plans, so each policy has its own pricing structures and benefits, which can cause a lot of confusion about what is and is not included with these plans.
Medicare Advantage plans often require prior authorization for covered services.
Your out-of-pocket costs can vary widely depending on what Medicare Advantage plan you have.
Most Medicare Advantage plans operate within a provider network, which can limit your provider options and increase your healthcare costs if you visit an out-of-network provider.
Being informed about your Medicare options before enrolling in a plan can save you from frustrations with your insurance in the future.
Highly-rated Medicare Advantage plans in Nevada
Every year, the Centers for Medicare and Medicare Services (CMS) judges Medicare Advantage and prescription drug plans and assigns them a rating. This helps us understand their performance and quality. CMS awards 5 stars for top plans and 1 star for poorly performing plans. These ratings also matter because if there’s a 5-star plan available in your county, you may be eligible to switch to that plan outside of the main Medicare enrollment periods.
In Nevada, the only insurance company providing 5-star Medicare Advantage plans in 2024 is Select Health. Alignment Health, UnitedHealthcare, and Humana offer 4.5-star Medicare Advantage plans in Nevada.
Looking at Medicare’s star ratings is a good way to see what high-quality plans are available in your area. While Nevada offers up to 46 Medicare Advantage plans, not every policy will be available in your county.
Four things to look for in the best Medicare Advantage plan
At this point, you know what goes into a Medicare Advantage plan and you know which insurance providers offer highly-rated plans in Nevada. Now it’s time to put this knowledge together to find a Medicare Advantage plan that fits your health, budget, and lifestyle best. We’ll go over five things to consider when looking for the best Medicare Advantage plan.
1. Cost of coverage
Medicare Advantage plans cover the same services and equipment as Original Medicare, but the cost of coverage looks different. If you have multiple healthcare needs, it’s important to take a look at the cost of coverage beyond the premium. Medicare Advantage plans have different deductibles, copays, and coinsurance amounts. If you jot down all of your healthcare needs, you can compare plans more completely and find one that minimizes your overall costs, rather than just your premiums.
Furthermore, if you know you have a lot of healthcare needs or the services you need are expensive, the out-of-pocket maximum is important because it puts a firm limit on your annual out-of-pocket costs.
2. Providers
Remember, Medicare Advantage plans operate with provider networks. Regardless of whether you have an HMO or PPO, you’ll have to pay more for out of network providers. Remember to look at Medicare Advantage plans with networks that includes your preferred doctors
3. Prescriptions
You have two options for enrolling in a prescription drug plan. You can either enroll in a standalone plan or find a Medicare Advantage plan that includes prescription drug coverage (most do). In either case, make sure that your prescription coverage minimizes your costs for the medications you need. Pay attention to your plan’s drug formulary, your prescriptions’ tiers and costs, and whether or not your plan has preferred pharmacies where you can save.
4. Extra benefits
Medicare Advantage plans often include additional benefits, which is a big attraction! Make a list of the benefits you’re most interested in, like dental, vision, and hearing coverage or transportation services. Once you’ve narrowed down plans based on your healthcare needs, you can choose a plan that also includes some of the benefits you want.
Enrolling in the best Medicare Advantage plan
Whether you’re new to Medicare and trying to understand your different options ore are interested in switching your plan to get a better value, we’re here to help! Get your Medicare questions answered by calling us at 855-900-2427 or scheduling a time to chat.