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What is Medicare Advantage?

October 6, 2016

Are you looking for information on Medicare Advantage?

Medicare Advantage plans are offered by private Medicare-approved insurance companies and are an alternative way to receive your Original Medicare (Part A and Part B) benefits. Many Medicare Advantage plans offer prescription drug coverage; some may also provide additional benefits like routine dental and vision care. Once called “Medicare+Choice”, the program became known as Medicare Advantage in 2003 due to the Medicare Prescription Drug, Improvement, and Modernization Act.

Please note that Medicare Advantage plans offer the same coverage as Original Medicare (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 plans are available in most areas of the country, but they are not available everywhere. If you’re considering it, a good time to enroll in a Medicare Advantage plan is during the Open Enrollment Period or the Annual Election Period.