Medicare Advantage Plans – What You Need to Know
As a Medicare beneficiary, you will probably have a Medicare Advantage Plan to help you manage your Medicare benefits. If you are interested in learning more about Medicare Advantage Plans, this article can provide you with the basic information that you need to know.
Basically, Medicare Advantage Plans is the same as traditional Medicare. The difference is that they offer supplemental coverage. Instead of Medicare Part A, Part B, and Part D, they provide supplemental coverage.
You pay premiums into Medicare Part A, which covers all the things that Medicare does not cover. These plans are different from traditional Medicare in that the health care plans are not part of Medicare’s administrative costs.
A private insurance company that offers Medicare Advantage Plans can contract with Medicare to offer these plans. Medicare can also contract with them as a marketing tool. However, there are several restrictions that apply to Medicare Advantage Plans that is not applicable to traditional Medicare.
A benefit that is offered through the plans includes options that you could not get for yourself or your family in the Medicare Part A and Part B program. This is especially useful for older individuals who may require additional health care services beyond what Medicare covers.
Unlike traditional Medicare, Medicare Advantage Plans are considered competitively bid in the bidding for medical providers. This means that in order to remain in business, a provider has to offer the highest level of services in order to attract new customers.
Medicare Advantage Plans can also offer additional services for which Medicare will pay. For example, when a beneficiary suffers a catastrophic medical event, he or she will not be subject to the Part D plan but will be covered under Medicare Part B instead. You will also receive savings that are higher than what you would receive if you were covered under parts.
Medicare Advantage Plans provides a lower deductible than traditional Medicare. They also have reduced co-payments. A majority of plans do not charge a co-payment at all.
Benefits provided by Medicare Advantage Plans include a selection of health care providers who accept Medicare. Beneficiaries are able to select their own doctors through a network. It is also important to note that Medicare Advantage Plans cover only outpatient care, unlike Part C.
Medicare Advantage Plans often provides coverage through HMOs. This means that beneficiaries have the freedom to choose the doctor they want to see. Some HMOs cover preventive care such as annual wellness exams and cholesterol screenings.
Medicare Advantage Plans can also cover pharmacy benefits that traditional Medicare does not. For instance, there are both managed care and prescription drug plans available.
If you are considering switching to a Medicare Advantage Plan, it is a good idea to speak with your insurance agent to learn more about them. You may also want to look up online consumer forums to learn about these plans.