Medicare Advantage, sometimes known as “Part C,” is something of a catch-all choice for those who are ready to sign up for Medicare. Medicare Advantage Plans are not one plan featuring only government programs. Medicare Advantage Plans are offered by private insurers in conjunction with the Medicare program.
What is Medicare Advantage?
In addition to signing up for Medicare Part A (hospital stays) and Part B (medical coverage), Medicare Advantage Plans offer subscribers extra features. This frequently, but not always, includes the Medicare Part D prescription drug Plan.1
In some cases, Medicare Advantage Plans offer coverage for types of health care not normally offered within regular Medicare plans. This can include dental, hearing, and vision insurance.1
What are the rules?
Medicare pays for a fixed amount of your health care to the company from which you bought your Medicare Advantage (MA) Plan. Beyond that, each MA Plan requires different out-of-pocket fees. Those fees can vary from plan to plan.1
Depending on your plan, you may have different rules you need to follow when seeking a medical referral to get treatment from a specialist or if you are seeking non-urgent care (even from health care providers within the plan).
It’s also important to remember that rules, requirements, and features may change from year to year. It is important to make sure that those changes line up with any treatment that you need.
What about my prescriptions?
Most MA Plans offer Part D coverage for prescription drugs, but some don’t. One example is Medicare Medical Savings Account Plans. In cases where the plan does not offer prescription drug coverage, you can join a separate Medicare Prescription Drug Plan.1
You likely have questions and concerns when you examine your options for Medicare Advantage Plans. Discuss these questions with a trusted financial professional who can help you make choices that may best fit your lifestyle.
Sources
1. Medicare.gov, July 21, 2020
