Understanding Medicare Advantage Costs

You have the option to choose from several Medicare Advantage plans in your service area. Each plan has its own benefits and costs. Look at the benefits, provider network, and costs when you compare your options to find the plan that is right for your health care needs and your budget. Medicare Advantage plans determine how much they will charge each year. The plans post information about their benefits and costs in their Plan Materials. You can find the information on the plan’s website. You can also request the information by calling the plan’s customer service number. 

How Much Does a Medicare Advantage Plan Cost?

Medicare Advantage costs include:

• Medicare Part A and Part B Premiums
  You have to enroll in Medicare Part A and Part B to enroll in a Medicare Advantage Plan.

You will not have to pay a premium for Medicare Part A if you or your spouse have worked and had payroll taxes deducted for ten years (40 quarters) or more. That is called premium-free Part A.

If you do not meet the minimum work requirement, you may  still be able to enroll in Medicare Part A, but you will need to pay a monthly premium. The amount of the premium depends on how many work credits you have earned. 

You will pay a monthly premium for Medicare Part B. The amount varies depending on your income. 

• Medicare Advantage Premium
  Some Medicare Advantage plans have a $0 premium. Other plans charge a monthly premium. Check the plan’s materials to find out what the cost is for their monthly premium. 

• Medicare Advantage Deductible
  Some Medicare Advantage plans have a $0 deductible. Other plans set a yearly deductible amount. Check the plan’s materials to find out what the cost is for their yearly deductible. 

• Medicare Advantage Copayments
  Plans determine what your copayment amount will be for each visit or service. The amounts may differ depending on the type of service you are receiving. For example, a co-pay amount for a primary care physician visit may be different from the co-pay for a specialist visit. 

Medicare Advantage plans set a maximum on the amount you will have to pay for out-of-pocket costs each year. If your costs exceed that amount, you will not have to pay for covered services again until the next calendar year. This is different from Original Medicare, which has no limit on the amount you can spend. 

How Much do Medicare Advantage Plan Charges for Services?

Once you are enrolled in a Medicare Advantage plan, you will receive an Evidence of Coverage (EOC) document every year. It includes details about what the plan covers, how much you pay, and more. Your plan will send you information about how to access the EOC by October 15 of every year.  

You will also receive an Annual Notice of Change (ANOC). This document lets you know about any changes that will be implemented in the plan in the coming year, including any change in costs. Your plan will send you the ANOC by September 30. Any changes in costs go into effect on January 1 of the next year.

How Do I Make Payments for Medicare Advantage?

You can elect to have your Medicare Advantage premium deducted from your retirement benefits each month. Or, you can get billed directly by your plan. 

There are several ways you can pay your Medicare Advantage premium:

• Elect to have your Medicare Advantage premium deducted from your retirement benefits each month
• Pay online through your plan’s online payment portal
• Have your payments automatically deducted from your checking or savings account
• Process a payment from your bank’s online bill payment system
• Mail a payment
• Pay with your Health Savings Account funds

Have Questions? Learn More from Banner Health.

Learn more about Banner Health’s Medicare Advantage plans.

Contact Banner Medicare so we can answer any questions you may have and even help you enroll. 

Call (888) 788-1931 (TTY 711) to speak with a licensed sales agent.

• October 1, 2022 – March 31, 2023: 8 a.m. to 8 p.m., 7 days a week
• April 1, 2023 – September 30, 2023: 8 a.m. to 8 p.m., Monday – Friday 

Use our online form to have a licensed sales agent contact you.