Medicare Advantage
Medicare Advantage Plans, also known as Part C, are alternatives to Original Medicare. Medicare Advantage Plans are obligated to offer the same benefits covered under Original Medicare, but can also offer extra benefits. These extra benefits can include dental, vision, hearing, and prescription drug coverage.
Types of Medicare Advantage Plans
The different types of Medicare Advantage Plans are:
- HMO (Health Maintenance Organization): With an HMO Plan, you’ll receive a lower premium payment, but you may not receive coverage if you receive services outside of your plan’s network of providers.
- PPO (Preferred Provider Organization): With a PPO Plan, you are granted the flexibility to receive services outside of your plan’s network. However, because of this flexibility, expect to pay a higher premium.
- MSA (Medicare Medical Savings Account): An MSA Plan combines a high-deductible health plan with a savings account. The high-deductible part of the plan limits your out-of-pocket costs. Once you reach that deductible, the plan will start to cover your costs. The savings account part of the plan is where money will be deposited into your account to be used for healthcare expenses.
- PFFS (Private-Fee-For-Service): With a PFFS Plan, the plan chooses how much it will pay for your medical services and appointments, as well as how much you will pay.
- SNP (Special Needs Plans): SNP Plans are limited to individuals who have specific diseases or illnesses, and are specifically tailored to meet the needs of the groups that are eligible for the plan.
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By submitting this information you acknowledge licensed insurance agents may contact you by phone, email or mail will discuss Medicare Advantage Plans, Medicare Supplement Plans, or Prescription Drug Plans.
Medicare Advantage Eligibility
As long as you are enrolled in both Medicare Part A and B, you are eligible to enroll in a Medicare Advantage Plan. Because Medicare Advantage offers the same coverage as Original Medicare, you cannot drop your Part B coverage. If you drop Part B, you will lose your Medicare Advantage Plan.
For many, Medicare Part A is premium-free, but Part B requires a premium payment. If you enroll in a Medicare Advantage Plan and have premium-free Part A, you will still need to pay a premium for Part B and the Medicare Advantage Plan you enrolled in.
Medicare Advantage Enrollment
Keep in mind that even if you are eligible for a Medicare Advantage Plan, there are certain enrollment periods you must enroll during.
- Initial Enrollment Period: Begins three months before the month of your 65th birthday and ends three months after the month of your 65th birthday.
- Annual Election Period: Begins October 15 and ends December 7 every year. You can choose a Medicare Advantage plan during this time, or switch or drop a current plan.
- Medicare Advantage Open Enrollment: You can switch Advantage plans, or return to Original Medicare during this enrollment period.
- Special Election Period: If you move outside of the plan’s service area, are eligible for Extra Help, or lose your current coverage, you may be eligible to enroll in a Medicare Advantage Plan during this period.
