Medicare Advantage Plans
Understanding Medicare Advantage Plans
Medicare Advantage Plans are health insurance plans that are a part of the Medicare program. If you join one of these plans, you get your Medicare-covered health care through that plan. This coverage can include prescription drug coverage.
In most Medicare Advantage plans, there are extra benefits and lower co-payments than in Original Medicare. However, you have to access care through your primary care physician and go to certain hospitals to receive services.
To join a Medicare Advantage Plan, you must have Medicare Part A and Medicare Part B. You will have to continue to pay your monthly Medicare Part B premium to Medicare. In addition, you might have to pay a monthly premium to your Medicare Advantage Plan for the extra benefits that they offer.
01
Advantage Plans have Networks
Make sure your Doctor, Hospital, and auxiliary care are within the network. (otherwise you will be paying higher costs and in some cases are responsible for 100% of care outside the network)
02
Advantage Plans have co-pays
It is important to be aware of these because they can add up to be quite a bit of money.
03
Advantage plans have Part D 'built-in'
This is a nice bonus but you must be aware that when switching to a Supplement from an Advantage Plan you will also need to add a Part D. (there are several types of Advantage Plans that do NOT have the Part D built in so this is something you need to keep in mind when choosing any plan).
04
Advntage plans typically have value-added benefits
These vary between plans but typical benefits include Health Club membership, dental, vision, hearing and over-the-counter benefits (i.e. vitamins, ointments, etc.)