What Is a Medicare Advantage Plan?

What exactly is a Medicare Advantage Plan? Does it replace Medicare? Is a Medicare Advantage Plan a part of Medicare or is it a Medicare Supplemental Insurance Plan?

When individuals first hear about a Medicare Advantage Plan many may think it is a Medicare Supplemental Insurance plan. In fact, a Medicare Advantage Plan is actually Medicare Part C. With so much talk about original Medicare and Medicare Part D for prescription drug coverage many individuals are not familiar with Medicare Part C or as it is more commonly known, Medicare Advantage.

What Is a Medicare Advantage Plan?

A Medicare Advantage Plan is Medicare Part C. The Medicare Advantage Plans are private insurer plans that replace Medicare Part A and Medicare Part B. The Advantage Plans combine Parts A and B and generally offer extra coverage.

Do I Have to Pay for a Medicare Advantage Plan?

Yes, individuals do pay a premium for Medicare Advantage Plans. However, part of the premium is paid by Medicare. Medicare covers the portion of the costs that would have paid for the individual’s Medicare Part A and Medicare Part B. Because Medicare Advantage Plans offer everything Medicare Part A and Medicare Part B covers plus extra benefits the individual must pay the amount of the premium not covered by Medicare.

What Is the Advantage to a Medicare Advantage Plan?

Most Medicare Advantage Plans offer vision, hearing, and dental coverage not covered by Medicare. Additionally many of the Medicare Advantage Plans offer prescription drug coverage eliminating the need for Medicare Part D in some cases.

What Should I Know Before I Join a a Medicare Advantage Plan?

Medicare Advantage Plans are HMO and PPO type plans. Before selecting a Medicare Advantage Plan it is important to know if the individual’s doctors are included in the plan. There are other rules that come with Medicare Advantage Plans. Failure to comply with the rules can increase out of pocket costs.

Related posts

1. Do I Have Drug Coverage Through My Medicare Supplemental Plan?
2. Will Medicare Supplemental Pay For My Prescription Drugs?
3. What Is Medicare Supplement Plan C?
4. What Drugs Do Medicare Part D Plans Cover?
5. Do Any Medigap Policies Include Drug Coverage?

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