Medicare Advantage Plans (also known as Part C) have been around for years and offer many attractive features to people on Medicare. They come in many varieties with different benefits, but generally they were designed to save money for both their members and the government on the cost of healthcare. Medicare Advantage Plans are offered by private insurance companies and pay the Medicare benefits for their members instead of being paid directly by Medicare. In return, the private companies receive money from the government for each enrollee and whatever premium they charge to the member for the plan.
People considering Medicare Advantage Plans should take note of the extra coverage that often comes with those plans. They generally cover the Part D drug coverage normally offered through a separate plan and often cover services for routine eye, dental, and hearing care as well. Some plans offer even more benefits such as meals following a stay in a hospital, transportation to doctor’s appointments, and memberships or discounts to fitness centers around the country. While not all plans offer the same benefits package, these types of features are not offered by Original Medicare and provide a good reason to give Medicare Advantage plans a closer look.
Medicare Advantage Plans are frequently labeled as being an HMO (Health Maintenance Organization) or a PPO (Preferred Provider Organization) with a provider and facilities network through which their members obtain healthcare services. The difference between an HMO and a PPO can be found in the network size, cost-sharing for the member, and the ability to see out-of-network providers. HMOs are the most restrictive but tend to offer a lower cost-sharing for their members while PPOs are less restrictive and allow members to see out-of-network providers for an additional cost.
Both types of plans limit their enrollment to the geographic area they service, and potential enrollees should note if their coverage will travel with them if they spend significant amounts of time away from their primary residence. If a member moves out of the service area for their plan, they are given a special enrollment period to choose a new plan that is offered in their new home’s region.
If you are interested in learning more about Medicare Advantage Plans and if they could be right for you, please contact me with your questions and I can review all of the options available in your area.
Provider networks, drug formularies, co-pays and co-insurance can make Medicare Advantage plans seem more complicated than other types of insurance. In reality, they are similar to other types of coverage you've enjoyed in the past. We just need to make sure to find the one that will best meet your needs. It all starts with a meeting.
I can meet in-person, via the phone, or even via video-conference with my laptop and your internet-connected computer, smartphone or tablet. Simply fill out the form below and I'll be in touch shortly to schedule a time to review your needs, answer your questions, and hopefully make this all seem easier to understand. Or if you prefer, you can call me directly at 309-696-7933.
By completing the form below, I understand that a licensed agent will reach out to me by email or phone to discuss Medicare Advantage Plans, Medicare Supplement Insurance Plans, Medicare Part D Plans, or other types of insurance products.