What is a Medicare Advantage Plan?
Hi, you may be wondering, what is a Medicare Advantage Plan? Medicare Advantage plans, also called Medicare Part C, are private Medicare plans regulated by Medicare and provided by insurance companies. Medicare Advantage plans are an alternative to Original Medicare (Part A and Part B). They usually provide more benefits like prescription drug coverage, vision and dental care, and wellness programs.
Medicare Advantage plans required to cover all services covered by Original Medicare and many plans offer more benefits. The Medicare Supplement plans can be structured as Health Maintenance Organizations (HMOs), Preferred Provider Organizations (PPOs), Private Fee-for-Service (PFFS) plans, Special Needs Plans (SNPs), or Medicare Medical Savings Account (MSA) plans.
A major advantage of Medicare Advantage plans offer more benefits beyond Original Medicare. Medicare Advantage plans lower out-of-pocket costs like deductibles and copayments compared to Original Medicare. But, Medicare Advantage plans can have limited networks of providers. You may need to see certain providers that are within a plan's network to receive coverage. There may be more restrictions on coverage compared to Original Medicare like prior authorization requirements for certain services.
People enrolled in a Medicare Advantage plan may have a monthly premium along with their Part B premium. They must also continue to pay their Part B deductible and copayments for certain services. In order to enroll in a Medicare Advantage plan, you must enroll in Part A and Part B and live in a plan's service area. You can enroll in a Medicare Advantage plan during your Initial Enrollment Period (IEP), during a Special Enrollment Period (SEP) or during the Annual Enrollment Period (AEP).
So, a Medicare Advantage plans is a private health insurance plan regulated by Medicare and provides an alternative to Original Medicare. A Medicare Advantage plan usually provide more benefits like prescription drug coverage, vision and dental care, and wellness programs. However, plans can have provider limited networks and more restrictions on coverage than Original Medicare. People enrolled in a Medicare Advantage plan may pay a monthly premium plus their Part B premium. They must continue to pay their Part B deductible and copayments for certain services. You can enroll in a Medicare Advantage plan during your Initial Enrollment Period, during a Special Enrollment Period (SEP), or during the Annual Enrollment Period.
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