Complete Guide to Medicare Advantage Plans in Arkansas
Learn about plan options and how to choose the best Arkansas Medicare Advantage Plan for your needs
When you first enroll in Medicare, you sign up for Original Medicare. Medicare Advantage plans provide Medicare enrollees with an alternative to Original Medicare. In this guide, we’ll provide a complete overview of the Medicare Advantage plans in Arkansas. We’ll start with some key facts about the Medicare Advantage market in Arkansas. We’ll then explain some of the biggest pros and cons of Medicare Advantage plans. Finally, we’ll share information about some of the top-rated plans in Arkansas and three steps to take to make sure you choose the best Arkansas Medicare Advantage plan for your specific needs.
Key Takeaways:
47% of the Medicare enrollees in Arkansas have chosen to enroll in a Medicare Advantage plan.
There are a total of 58 different Medicare Advantage plans in Arkansas.
It’s important to understand the pros and cons of Medicare Advantage and Original Medicare before making a choice about your health insurance.
When choosing the best Medicare Advantage plan for you, you need to make sure your doctors, prescriptions, and priorities are covered and you’re maximizing your savings.
We recommend working with a Chapter Medicare agent to explore your Medicare options in Arkansas and feel confident in your coverage.
Quick facts about Medicare Advantage plans in Arkansas
Below, we’ll share some key statistics about Medicare Advantage plans in Arkansas. Keep in mind that plan enrollment and availability vary by county. For detailed information about the plans available in your county, give us a call at (855) 900-2427 or schedule a time to talk.
47% of the Medicare enrollees in Arkansas have chosen to enroll in a Medicare Advantage plan.
Medicare Advantage enrollment numbers vary by county. For example, 58% of people in Crawford County are on Medicare Advantage plans and 31% of people in Cleveland County are on Medicare Advantage plans.
There are a total of 58 different Medicare Advantage plans in Arkansas.
Pulaski County, AR, has the highest number of Medicare Advantage plans (51).
Howard County, AR, has the lowest number of Medicare Advantage plans (15).
Overview of Medicare Advantage pros and cons
Original Medicare and Medicare Advantage both have their pros and cons. Below, we’ll explain the biggest pros and cons that come with Medicare Advantage plans to provide you with a good idea of how these plans work.
Pros of Medicare Advantage plans
The two key advantages of Medicare Advantage plans are that they limit your out-of-pocket costs and provide extra benefits.
Limited out-of-pocket costs
With health insurance, you’re responsible for a few different costs. First, you have your monthly premium, which is what you pay to obtain health insurance. Second, you have your deductible, which is what you have to pay before your insurance plan will start paying its share of costs. Finally, you have your coinsurance and copays, which are your share of costs once you’ve met your deductible. Together, your deductible and coinsurance make up your out-of-pocket costs.
Original Medicare has a 20% coinsurance amount, meaning you’re generally responsible for 20% of the costs of healthcare services. Medicare Advantage plans have varying coinsurance amounts. One of the key differences between Medicare Advantage and Original Medicare is that Original Medicare does not have an out-of-pocket spending limit, but Medicare Advantage plans do. Medicare Advantage plans will have different out-of-pocket maximums, but this limit will protect you from having astronomical healthcare expenses.
Extra benefits
Many people choose to enroll in Medicare Advantage plans because they come with extra benefits that Original Medicare doesn’t have. Below are some of the most common extra benefits, but for a more detailed list, take a look at our Medicare Advantage guide.
Dental, vision, and hearing coverage
Medicare ride services for transportation to doctor appointments
Part B premium reduction that gives you a rebate for your Part B premium
Cons of Medicare Advantage plans
There are two key disadvantages to Medicare Advantage plans that can cause delays to the care you need or even limit your access to care.
Prior authorization requirements
Prior authorization requires you to get sign off from your insurance company before you’ll receive coverage for healthcare services and equipment. Unfortunately, this can cause delays in receiving the care you need. Furthermore, if your prior authorization request is denied, your treatment may be further delayed by the appeals process. If you never receive approval, you’ll either need to pay for the healthcare service yourself, delay your care, or skip receiving care altogether. Medicare Advantage plans are notorious for frequent prior authorization requirements, which has caused severe frustration among doctors and patients. On the flip side, Original Medicare doesn’t require prior authorization.
Provider networks
Provider networks are common among health insurance plans, but they limit the number of doctors and specialists you can see. Medicare Advantage plans use local provider networks. Original Medicare, on the other hand, doesn’t have provider networks. With Original Medicare, you can see any doctor who accepts Medicare nationwide. This makes Original Medicare a much better option for people who travel a lot domestically or split time between two states.
Top-rated Medicare Advantage plans in Arkansas
The Centers for Medicare and Medicaid Services give Medicare Advantage plans a rating of 1-5 stars each year. A 1-star rating is the worst, and a 5-star rating is the best. Ratings are one way to judge Medicare Advantage plans, but, as we’ll explain in the next section, there are more important factors to consider when enrolling in the best plan for your needs. Below are some details on the top-rated Medicare Advantage plans in Arkansas.
There is one 5-star Medicare Advantage plan in Arkansas: the Essence Advantage (HMO) plan provided by Essence Healthcare. Remember, this plan won’t necessarily be available in every county in Arkansas.
There are several 4.5-star Medicare Advantage plans in Arkansas. Below is a list of some of the carriers who offer these highly-rated plans:
Cigna
Humana
Aetna
How to choose the best Arkansas Medicare Advantage plan
The best Arkansas Medicare Advantage plan is different for everyone. Medicare Advantage provider networks, costs, and benefits vary widely, and it’s important to find a plan that provides you with the most savings while covering all of your doctors, prescriptions, and other priorities. Take these three steps to ensure you choose the best Medicare Advantage plan in Arkansas for your unique set of health and financial needs.
Make a note of your preferred doctors and other healthcare providers. This list will help you ensure the plan you choose has all of your preferred providers in its network.
Jot down all of the prescriptions you take, including the frequency and dose. This will help ensure that, if your Medicare Advantage plan includes prescription coverage, you’ll get the most savings from your plan.
Think through the different extra benefits that Medicare Advantage plans can provide, and make a note of those that are the most valuable to you.
With anywhere from 15-51 Medicare Advantage plans to choose from in Arkansas, comparing plans and choosing the right one for you can feel overwhelming. We’re here to do all the heavy lifting so you can feel confident in your coverage. Give us a call at (855) 900-2427 or schedule a time to talk to get Medicare checked off your list today!