Medicare Advantage Plans in Maryland in 2023
According to MedicarePlans.com, there were 49 Medicare Advantage plans available in Maryland in 2022. These plans are offered by private insurance companies and are an alternative to Original Medicare (Part A and Part B). Medicare Advantage plans typically offer additional coverage, such as prescription drugs, vision, and dental, and may have lower out-of-pocket costs compared to Original Medicare. In Maryland, the average monthly premium for a Medicare Advantage plan in 2022 was $45.97, which is a slight decrease from the average premium of $46.52 in 2021.
According to USNews.com, there were 1,086,454 people enrolled in Medicare in Maryland in 2023, and these beneficiaries had a choice of 55 Medicare Advantage plans offered by private insurance companies. This represents an increase of 12.2% from the number of plans available in the previous year. USNews.com also provides a list of the top-rated Medicare Advantage plans in Maryland based on factors such as premiums, out-of-pocket costs, provider networks, and coverage options.
Forbes provides information on the number of residents enrolled in Medicare Advantage plans and the number of plan contracts available in Baltimore (City) County, Montgomery County, and Calvert County in Maryland. The source also mentions that in 2022, 100% of the total Medicare population in Maryland had access to a Medicare Advantage plan with a $0 monthly premium. It is important to note that while some Medicare Advantage plans may have a $0 premium, they may still have out-of-pocket costs for services such as copayments, coinsurance, and deductibles.
It is recommended that beneficiaries carefully compare their options and consider their individual needs before enrolling in a Medicare Advantage plan. It is also a good idea to review the plan annually during the annual enrollment period to make sure it continues to meet your needs.
Sources:
Bill Borton
Licensed Maryland Medicare Agent
Contact Bill through Medicare Agents Hub »
My name is Bill. I'm the founder and managing principal of W.R. Borton & Associates. I am an independent insurance broker with over 40 years in the business. I often refer to myself as a retirement risk manager, having expertise in Medicare and Long-Term Care planning and insurance. My clients look to me to make the complex simple and to guide them in making informed choices that are in their best interests. Never in a hurry to make a sale, I act as an educator and consultant. I am compensated by the insurance companies I place your business with, not by you. If this resonates with you, reach out to me at (856) 817-6100 today to explore your Medicare insurance options. Please be sure to mention that you discovered me on Medicare Agents Hub! I look forward to assisting you.
The video above was recorded in 2019 when I hosted my weekly TV show, Live Better, Longer. Unfortunately, that came to an end when COVID 19 arrived in 2020. The numbers have changed, but the information is still accurate.
