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What Is Medicare advantage |
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Medicare Advantage plans are health plan options that are approved by Medicare, but run by private companies. They are part of the Medicare Program and sometimes called 'Part C.' When you join a Medicare Advantage Plan, you are still in Medicare.
Medicare Advantage plans provide all of your Part A (hospital) and Part B (medical) coverage and must provide at least the same benefits as original Medicare. In many cases, the premiums or the cost of services (co-pays and deductibles) can be lower than they are in the original Medicare Plan or the original Medicare Plan with a Medigap policy. Medicare Advantage plans charge different premiums and have different benefit plans, so it is important to carefully check with the plan before you join. Medicare Advantage plans generally offer extra benefits and prescription drug coverage. In many cases, your costs for prescription coverage can be lower than in the stand-alone Medicare prescription plans. Several plans also cover wellness and preventive care, something original fee-for-service Medicare does not generally provide. Some also provide vision, hearing and dental coverage. The Medicare Advantage plans have provider networks. This means you see doctors who belong to the plan, or go to certain hospitals to get covered services. The managed Medicare Advantage plans coordinate your care using networks and referrals. This coordinated care helps improve overall care management and can result in savings. If you join a Medicare Advantage Plan, your Medigap policy isn"t necessary. This means it won"t pay any deductibles, co-payments, or other cost-sharing under your Medicare Health Plan. Therefore, you may want to drop your Medigap policy if you join a Medicare Advantage plan; however, you have a legal right to keep the Medigap policy.
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