There are two ways to get coverage in Medicare. You can do so through Original Medicare or Medicare Advantage. Our focus for today is Medicare advantage.
Medicare Advantage Part C is known for many things. The top amongst the list is that it provides one of the most comprehensive and cohesive medical coverage.
Not many plans stand a chance when Medicare Advantage is involved. Let’s take a quick ride into Medicare Advantage Plans. After now, it should become easy to see whether or not Medicare Advantage is the right plan for you.
What Is Medicare Advantage?
Medicare advantage, also commonly referred to as Medicare Part C, is a private health insurance alternative to the more traditional Medicare options.
Medicare advantage helps cover some of the services and costs not covered in Medicare Part A and Medicare Part B. It offers a more diverse and even more comprehensive coverage to its beneficiaries.
Simply put, Medicare advantage replaces Medicare Parts A and B by offering in one plan, coverage that handles everything present in Original Medicare.
This is evident as most Medicare advantage plans offer medical and prescription coverage. Practical examples of these extra benefits include coverage for dental, vision and hearing, and other health and wellness services.
How Do Medicare Advantage Plans Work?
Persons interested in Medicare advantage can sign up with any private insurer of their choice. These private insurers are still, however, bound by Medicare’s Coverage Rules.
Medicare Laws require Medicare advantage beneficiaries to enroll in Original Medicare, i.e., parts A and B.
When you become signed up in a Medicare Advantage Plan, Medicare remits a fixed sum of money monthly to you. This fixed sum helps to handle the coverage costs of your preferred insurer.
The insurance company of your choice, to an extent, has the leverage to determine certain things such as the premium paid, rules for getting your services, and out-of-pocket costs.
Plans have a yearly limit on what you get to pay as out-of-pocket costs. Once you reach that limit, you stop paying anything for Original Medicare-covered services. This grace period for that year is over.
We always advise those interested in enrolling for Medicare Advantage, or any coverage plan at that, to get in touch with a licensed agent. This will enable you to get a proper perspective on prices and benefits before making a decision.
Our agents at Healthcare Search can help you with making the best choice at this step.
What’s the difference between Medicare And Medicare Advantage?
There are a ton of differences between the two. In a minute, we’ll be listing out the most obvious differences between the two:
In Medicare Advantage, out-of-pocket cost varies, and you may find yourself paying lower out-of-pocket costs for certain services. Original Medicare, on the other hand, requires you to pay 20% of the Medicare-approved sum after you have met your deductible.
Moreso, there’s a yearly limit to what you can pay for out-of-pocket costs for Medicare Advantage. This, however, is not the case with Original Medicare.
Finally, getting a Part B coverage implies that you’ll have to keep paying a monthly premium. Medicare Advantage, however, provides plans that exempt you from doing so.
#2. Supplemental Coverage:
Usually, when the cost is beyond what a person can pay, they may opt to buy a supplementary plan to cover additional costs. An example includes getting a Medigap policy, using previous employment insurance, or getting Medicaid.
The purchase of supplementary coverage may successfully play out when using Original Medicare. Medicare Advantage, however, doesn’t permit such.
Original Medicare covers only medically necessary supplies and services, i.e., Parts A and B. Medical Advantage, on the other hand, covers the benefits of Parts A, B, and D.
Your health insurance plan influences a whole lot. It can determine how much you get to pay for coverage, the doctors you get to use, the services available to you, and even the quality of care you get.
Seeing that your health is almost dependent on your actions, you should be interested in giving it your best shot. This is where we come in.