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Medicare Advantage
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Medicare Advantage
A popular alternative many people have been turning to instead of Original Medicare is Medicare Advantage. If you are unfamiliar with it, you may be wondering what is Medicare Advantage. For those of you interested in turning to this program, the provided information will offer you greater details about it from how Medicare Advantage works, the costs of the plan, and more.
What is Medicare Advantage?
Before doing anything to change your healthcare coverage, perhaps one of the biggest questions on your mind is: what is Medicare Advantage? Medicare Advantage, otherwise known as Part C, is a type of healthcare plan that’s offered through a private company. Medicare Advantage will generally provide your Medicare Part A and Part B coverage.
What Parts Does Medicare Advantage Include?
When begging the question about what is Medicare Advantage, it is important to focus on the actual benefits you may receive and how it is different than any other Medicare plan. Medicare Advantage, as previously stated, includes benefits from both Part A and Part B plans.
In general, Advantage is required to cover the services offered under Original Medicare with the exception being hospice care. All types of plans must include emergency and urgent care in addition to emergency care that is outside your coverage area (except outside the United States).
There are other benefits an Advantage plan can have such as vision, dental, andeven some prescription coverage (Part D), but those are not guaranteed.
Medicare Advantage Cost
The cost of an Advantage plan will depend on the type of plan you decide to have. Because each insurance company sets their costs differently, it is vital that you thoroughly understand your plan. For example, some Advantage plans have a $0 premium while others do not. With no premium, that can mean higher deductibles or copayments.
Another way premiums can affect your costs is whether or not your plan pays for any of your Part B monthly premiums. For deductibles, some plans may or may not have one. Whether or not a plan charges a copayment will come into play with costs as well. Also, if you decide to go for extra benefits, the costs of your plan will certainly change.
How Medicare Advantage Works
With an understanding of what is Medicare Advantage, it is time to break down exactly how Medicare Advantage Works. To begin, there are a number of different types of Advantage plans:
- Health Maintenance Organization (HMO) Plans
- HMO Point-of-Service (HMOPOS) Plans
- Preferred Provider Organization (PPO) Plans
- Private Fee-for-Service (PFFS) Plans
- Special Needs Plans (SNPs)
- Medical Savings Account (MSA) Plans
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