Today we take a closer look at Medicare Advantage, an interesting alternative to original Medicare. Keep reading to learn more about the most important features of Medicare Advantage, plus the difference between this type of plan and original Medicare.
What Is Medicare Advantage?
Simply put, Medicare Advantage plans (also called “Part C” or “MA plans”) are another way to get your Medicare Part A and Plan B coverage.
The most important feature of Medicare Advantage plans is that they are offered by private companies that are Medicare-approved. This means that they have to follow certain rules set by Medicare.
Medicare Advantage plans are required to offer the benefits of Medicare Part A (medical insurance) and Part B (medical insurance). Plus, they may also include Medicare Plan D coverage.
Some plans may offer benefits not included in original Medicare, such as vision, dental, or hearing.
Medicare Advantage vs Original Medicare
When considering Medicare Advantage plans, you should remember that in many cases, you are required to use doctors who are in the plan’s network. This is another difference between Medicare Advantage plans and Original Medicare, where you can go to any doctor or hospital that takes Medicare, anywhere in the United States.
Medicare Advantage plans include Health Maintenance Organizations (HMOs), Preferred Provider Organizations (PPOs), Private Fee for Service Plans (PFFS), Special Needs Plans (SNP), and Medical Savings Accounts (MSA).
Depending on the company, Medicare Advantage plans may have different out-of-pocket costs. The rules for how you get services may vary as well. Furthermore, all these features may change on a yearly basis. However, your plan must notify you of any changes before the start of the next enrollment year.
In short, when you join a Medicare Advantage plan, you get all the protections and rights of original Medicare, plus some interesting benefits. However, you should weigh all the pros and cons touched on above.
If you want to join a Medicare Advantage plan, or need help figuring out whether Medicare Advantage makes sense for you, contact the experts at Lucero Benefits. We’ll be happy to help you make sense of your options so you can make an informed decision.
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