MEDICARE ADVANTAGE
Some people want more than what Original Medicare can offer. This is where Medicare Advantage comes in. Medicare Advantage is an alternative to Original Medicare. It allows people to choose plans from private insurers. Some of these plans include extra benefits, like vision, hearing, and dental benefits. Read on to see whether Medicare Advantage is right for you.
TYPES OF MEDICARE ADVANTAGE PLANS
Medicare Advantage is meant to give the benefits of private insurance while still meeting the standards of Medicare. This makes it more customizable for different consumers. Just like regular private insurance offered through employers, there are different types of Medicare Advantage Plans. The types of plans are:
- Health Maintenance Organization (HMO)
- Preferred Provider Organization (PPO)
- Private Fee-for-Service (PFFS)
- Special Needs Plans (SNPs)
- HMO Point-of-Service (HMOPOS)
- Medical Savings Account (MSA)
Each of these types of plans has different advantages and disadvantages.
We are committed to helping you realize your health and financial goals by making you aware of all your options so that you can make the best choice for yourself and your family.
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ADVANTAGES AND DISADVANTAGES OF MEDICARE ADVANTAGE
The main benefits of Medicare Advantage will depend on the exact plan. These plans must cover the same benefits as Original Medicare Parts A and B. The main benefits of Medicare Advantage are that these plans will often offer extra benefits, such as dental, vision, and hearing, which Original Medicare does not offer. They may also include prescription drug coverage in one plan, obviating the need for Part D. Other added bonuses may include transportation costs, chronic-care costs, and even gym memberships. Lastly, some Medicare Advantage plans will include yearly limits on out-of-pocket expenses.
The main disadvantages of Medicare Advantage also depend on the specific plan, as some may have out-of-network restrictions.
COST OF MEDICARE ADVANTAGE
Like the benefits, the exact cost of a Medicare Advantage plan depends on the specific plan. Typical costs include the monthly premium, the yearly deductible, copayments, out-of-pocket expenses, and miscellaneous costs.
While enrolled in Medicare Advantage, you will also have to continue your Part B costs (and Part A if you have any costs).
CHOOSING A MEDICARE ADVANTAGE PLAN
Choosing a Medicare Advantage plan can be tricky. If you are unsure whether Original Medicare or Medicare Advantage is right for you, give us a call today. We can help you choose the right path for you.