October 6, 2016
Are you looking for information on what is Medicare Advantage?
Medicare Advantage plans are offered by private Medicare-approved insurance companies and help with hospital costs, medical costs, and often prescription drug expenses. Once called “Medicare+Choice”, the program became known as Medicare Advantage in 2003 due to the Medicare Prescription Drug, Improvement, and Modernization Act. Many Medicare Advantage plans offer an alternative way to receive your Original Medicare (Part A and Part B) benefits (except for hospice care, which Medicare Part A will still provide). Premiums vary for Medicare Advantage plans and, in some areas, you might qualify for plans that offer Medicare Advantage benefits for a plan premium as low as $0 (although all Medicare Advantage beneficiaries are still responsible for paying their Medicare Part B premium, along with any copayments, coinsurance, and deductibles).
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.