Have you heard of the Medicare Advantage Plan? Could this Medicare plan benefit you? Find out in this article about the benefits and drawbacks.
The Medicare Advantage Plan is an all-in-one alternative to the original Medicare plans. Private insurers who offer these plans contract with the federal government to provide health insurance benefits to people who qualify for Medicare.
Medicare Advantage, also called Medicare Part C or MA Plans, provides the same benefits as Medicare Part A, that covers hospitalization, and Medicare Part B, that covers doctor’s visits. It also includes Medicare Part D prescription drug coverage and may even include benefits not covered by Medicare, such as routine dental care, hearing aids, eye exams, and glasses.
Medicare Advantage Plans should not be confused with Medicare Supplemental Insurance, also known as Medigap, which covers people who buy original Medicare Parts A and B. You can’t have both Medicare Advantage and a Medigap plan at the same time.
Benefits of Medicare Advantage
- Additional benefits, including hearing, dental and vision care.
- Potentially lower premiums for coverage.
- Limits on the amount you have to pay out-of-pocket.
Drawbacks of Medicare Advantage
- Less freedom to choose your medical providers.
- Requirements that you reside and receive non-emergency medical care in the plan’s geographic service area.
- Limits your ability to switch back to original Medicare with a Medicare Supplemental Insurance policy.
Switching to a Medicare Advantage Plan
You can change to a Medicare Advantage Plan during Medicare’s fall open period (Oct. 15 to Dec. 7) or the Medicare Advantage open enrolment period (Jan. 1 to March 31).
Understanding how the Medicare Advantage Plan works will help you identify if it is right for you. Do you need help with your health insurance needs? If so, then contact Nick Agliato (nickAgliato@wilk4800.com) at Steve Wilk Insurance. Check out our new office today at 310 S Main Street, Suite C, Lombard, IL 60148.