What Is Medicare Advantage?
Let’s clarify what Medicare Advantage is. Medicare Advantage, also known as Part C, is an alternative to Original Medicare Part A & Part B. It’s offered by private insurance companies that are approved by Medicare, and it provides all the benefits of Original Medicare Part A & Part B, plus some additional benefits that Original Medicare doesn’t cover.
Medicare Advantage plans must offer the same benefits as Original Medicare, which includes Part A hospital insurance and Part B medical insurance.
Additional Benefits With Medicare Advantage
However, many Medicare Advantage plans offer additional benefits, such as prescription drug coverage, dental care, vision care, hearing aids, over the counter Extras, and sometimes Flex Card benefits. The benefits offered in these plans can vary depending on the zip code where you live.
How Medicare Advantage Works
Let’s take a look at an example of how this type of plan works. If you enroll in this type of plan, you will receive all the benefits of Original Medicare, plus additional benefits. You’ll also have a network of providers that you can choose from, and some plans may require referrals to see specialists.
When To Enroll
So, when can you enroll in a Part C plan? You can enroll during your Initial Enrollment Period, which is the seven-month period that begins three months before the month you turn 65. You can also enroll during the Annual Enrollment Period, which runs from October 15th to December 7th each year. It’s important to review your options each year to ensure that you have the plan that best meets your needs.
Pros And Cons Of Medicare Advantage
Now, let’s take a look at some of the pros and cons of this type of coverage. Some of the pros include additional benefits, a cap on out-of-pocket costs, and coordination of your medical care. Some of the cons include limited provider networks, the need for authorizations and referrals, and the potential for higher costs if you go out of network.
Most plans will also have co-pays for each service you receive, so it’s important to check those costs and also the maximum out of pocket on the plan you’re considering.
That’s our quick take on Medicare Advantage. If you have any questions give us a call at (800) 783 -5901 and we’ll be glad to help you.