Monthly premiums are the most obvious expense to consider, and many Medicare Advantage plans have low or no premiums. 65% of Medicare Advantage prescription drug plan members paid no premiums in 2021, and the median premium for all Medicare Advantage members, including those with and without premiums, is $19 per month in 2022.89
Medicare Advantage plans may include copayments, coinsurance, and deductibles. These other costs can actually outweigh any savings you might get with a $0 premium plan. Many Medicare Advantage plans also offer discounts and other ways to save money, which can add to the overall value of the plan.
Cost Of Various Plans
WellCare Medicare Advantage 2021 pricing and available plans are different for each zip code but must be within the following ranges:10
HMO Plans With Prescription Drug Coverage:
- Monthly premiums range from $0 to $81, with an average of $6.65; Two-thirds of plans have no premiums, and nearly a quarter has premiums of $20 or less.
- Deductibles range from $0 to $445, with an average of $169.11; more than half have no franchise.
- Annual co-pay limits for services on the network range from $500 to $7,550, with an average of $4,940.
HMO Plans Without Prescription Drug Insurance Coverage:
- WellCare HMO plans without prescription drug coverage have no monthly premiums or deductibles.
- Annual co-pay limits for services on the network range from $3,000 to $6,700, with an average of $4,302.
PPO Plans With Prescription Drug Coverage:
- Monthly premiums range from $0 to $121, averaging $20.63; Two-thirds of schemes are non-contributory.
- Deductibles range from $0 to $445, with an average of $95.99; almost half (43%) have no franchise.
- Annual co-pay limits for network services range from $1,700 to $7,550; with an average of $5,313.
PPO Plans Without Prescription Drug Coverage:
- WellCare PPO plans without prescription drug coverage have no monthly premiums or deductibles.
- Annual co-pay limits for services on the network range from $4,000 to $6,700, with an average of $5,228.