What is Medicare Advantage?
Are you looking for information on what is Medicare Advantage?
Medicare Advantage are private health plans that help with hospital costs, medical costs, and often prescription drug expenses. Once called "Medicare+Choice", these plans became known as Medicare Advantage in 2003 due to the Medicare Prescription Drug, Improvement, and Modernization Act. Many plans offer additional benefits beyond traditional Medicare coverage. Premiums vary for Medicare Advantage plans and, in some areas, there are plans that offer Medicare Advantage benefits for no monthly premium (although all Medicare Advantage beneficiaries are still responsible to continue to pay their Medicare Part B premium).
For an overview on Medicare Advantage and its relationship to Original Medicare, please view the video below:
Full What is Medicare Advantage? Video Transcript
Medicare Advantage (Medicare Part C) Overview
What is Medicare Advantage? Medicare Advantage is a form of Medicare insurance coverage that is provided by private insurance companies. Medicare Advantage plans provide all of your Parts A and B coverage.
When you sign up for Medicare Advantage, you're electing to receive your healthcare services through a private insurer instead of through Medicare. Medicare Part C plans are available in most areas of the country, but they are not available everywhere.
Most people on Medicare Advantage will pay a monthly premium or payment to the insurance company for their benefits, alongside their Medicare Part B premium. Medicare Advantage plans typically include prescription drug coverage, so if you have Medicare Advantage with prescription drug coverage included, you would not need to enroll in a separate Medicare Part D plan.
In conclusion, most choose to structure their Medicare choices in one of three ways. The first way is Original Medicare, Parts A and B, plus Medicare Part D, prescription drug coverage. The second way is Medicare Advantage, or Medicare Part C. Medicare Advantage provides all of your Part A and Part B coverage through a private company approved by Medicare. Medicare Advantage plans often include prescription drug coverage, Medicare Part D. The third way is Original Medicare, Parts A and B, plus Medicare Part D, prescription drug coverage, plus Medicare Supplements, or Medigap.
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Medicare Advantage Plans, sometimes called "Part C" or "MA Plans," are offered by private companies approved by Medicare and provide Medicare Part A and Part B coverage. Medicare prescription drug coverage is insurance run by an insurance company or other private company approved by Medicare. A Medicare Supplement plan is a health insurance plan provided by a private company that fills in the "gaps" in original Medicare coverage.