Medicare Advantage
Basics of Medicare Advantage
Medicare Advantage Plans are plans offered by private companies to provide extra benefits that Original Medicare doesn’t cover. Advantage Plans, often called Part C, are an add-on to Original Medicare. These extra benefits could include vision, dental, or even gym membership. Read on to learn more about Medicare Advantage Plans.
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How to Enroll in Medicare Advantage Plans
To purchase a Medicare Advantage Plan, you must first enroll in Parts A and B of Original Medicare. You can then approach a private insurance company to browse their Medicare Advantage options. Medicare Advantage Plans differ in cost and coverage. Using an agent to help you find the best plan for you can raise your chances for success.
How Medicare Advantage Coverage Works
You are always covered by Original Medicare once enrolled in a Medicare Advantage Plan. This means that if your Advantage Plan doesn’t cover a service, but Original Medicare does, you’ll still be covered by Original Medicare. You also get the additional benefits of an Advantage Plan.
Types of Medicare Advantage Plans
There are various types of Medicare Advantage Plans. The main differences lie in who’s covered and what types of services are covered. The different types of Medicare Advantage Plans are:
- Health Maintenance Organization (HMO)
- Preferred Provider Organization (PPO)
- Private Fee-for-Service (PFFS)
- Special Needs Plans (SNPs)
- HMO Point-of-Service (HMOPOS)
- Medical Savings Account (MSA)
Benefits and Disadvantages of Medicare Advantage
The main advantages of Medicare Advantage Plans lie in their bonus coverage options. For example, some Medicare Advantage Plans offer vision, hearing, dental, and gym memberships. Some Medicare Advantage Plans include prescription drug coverage, meaning you wouldn’t have to purchase Part D. Other coverage benefits could include chronic-care coverage and transportation needs. It’s important to note that the actual benefits of each policy differ by company and plan.
The main disadvantage of a Medicare Advantage Plan is the cost. Some of these plans can cost people more money in the long-run. Another issue is the variety of plans. Some people find it confusing to navigate the plans and end up choosing a plan they’re unhappy with.
Costs of Medicare Advantage Plans
Every Medicare Advantage Plan is different since they are sold by various companies. Typically, Advantage Plan costs include a monthly premium, a yearly deductible, and copayments or coinsurance. However, some Medicare Advantage Plans can have premiums as low as $0.
