Medicare Advantage
Medicare Advantage, also known as Medicare Part C, offers an alternative way to receive your Medicare benefits. These plans, provided by private insurance companies, include all the coverage of Original Medicare (Parts A and B) and often come with additional benefits such as prescription drug coverage, dental, vision, hearing, and wellness programs.
Medicare Advantage plans are popular for their lower out-of-pocket costs and more comprehensive coverage options compared to Original Medicare.
These plans must adhere to rules set by Medicare. Most Medicare Advantage plans include a Part D drug plan, but there are also MA-only plans for individuals with other creditable drug coverage, such as from an employer, VA, or Tricare.
Typically, you will need to use health care providers within the plan’s network. Medicare Advantage plans set a limit on your annual out-of-pocket costs for covered services. Some plans may offer out-of-network coverage for non-emergency situations, usually at a higher cost.
Remember to use the card from your Medicare Advantage plan to access your Medicare-covered services and keep your original Medicare card in a safe place.
Is Medicare Advantage right for me?
Medicare Advantage plans are a popular option for many people seeking Medicare coverage. With Medicare Advantage, you receive your Medicare benefits through a private insurance company.
Although you might assume Medicare Advantage plans would be more expensive than Original Medicare, that isn’t always the case. Many Medicare Advantage plans actually offer lower out-of-pocket costs compared to Original Medicare.
These plans often feature lower premiums, deductibles, and copayments than Original Medicare. Additionally, they typically provide coverage for services not included in Original Medicare, such as hearing aids, eyeglasses, and dental care. If these additional benefits are important to you, a Medicare Advantage plan might be worth considering.
Here’s a concise bullet-point summary of the different Medicare Advantage plans:
Health Maintenance Organization (HMO) Plans:
- Network of doctors and hospitals.
- Requires referrals for specialists.
- Lower premiums and out-of-pocket costs.
Preferred Provider Organization (PPO) Plans:
- Broader network of providers.
- No referrals needed for specialists.
- Coverage for out-of-network services at higher costs.
