If you are currently enrolled in Medicare or if you will be eligible to enroll in Medicare soon, then you might have started looking into options like Medicare Advantage. As you might already realize, Medicare Advantage is actually an alternative to Medicare that is available for those who are eligible for Original Medicare. If you're thinking about signing up for Medicare Advantage and if you're on a tight budget — as is the case for many people who are disabled or retired — then you could be wondering about costs. These are some of the things that you might want to know about the cost of Medicare Advantage.

You Will Still Have to Pay for Medicare Part B

Since Medicare Advantage is an alternative to Medicare, and since you will technically be covered by your Medicare Advantage insurer rather than Medicare once you sign up for a Medicare Advantage policy, you might assume that you will no longer have to pay your Medicare premiums. However, you will still be required to pay your Medicare Part B premiums when you sign up for a Medicare Advantage policy, or you will need to make sure that those premiums are covered by your Medicare Advantage policy. Make sure you look into what is and is not covered by your Medicare Advantage policy and take the necessary steps to ensure that your Medicare Part B premiums are paid if you want to maintain your coverage.

Premiums Vary in Price

Another thing that you should know about Medicare Advantage is the fact that premiums can vary in price. This depends on the insurance company that you purchase your Medicare Advantage through and the specific Medicare Advantage policy you choose. Some policies actually don't have a premium at all, which can be a good thing if you think that lower coverage will be acceptable for your needs and if you're on a tighter budget. If you are looking for a more robust policy, however, you might have to pay higher premiums.

You'll Probably Find the Price to Be Worth It

Even if you have to pay for your Medicare Advantage coverage, you will probably find the cost to be worth it. After all, Medicare Advantage offers more coverage than Medicare alone, so you can avoid having to pay out-of-pocket for healthcare expenses that you would probably otherwise have to pay for yourself.

You May Still Need to Purchase a Prescription Drug Plan

Make sure that you leave room in your budget for a Medicare-friendly prescription drug plan since this will not be included in your Medicare Advantage plan. To learn more, contact a Medicare Advantage plan service.