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Medicare Advantage Plans

Medicare Advantage Plans

Medicare Advantage Plans are health plan options that are part of the Medicare program. They are provided by private companies that are approved and contracted with Medicare. If you join one of these plans, you generally get all your Medicare covered health care through that plan. This coverage can include prescription drug coverage which can not only help with health conditions, but help on the wallet as well. These programs are available to help older adults keep in good health and save.

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Medicare Advantage Plans include:

  • Medicare Health Maintenance Organization (HMOs)
  • Preferred Provider Organizations (PPO)
  • Private Fee-for-Service Plans
  • Medicare Special Needs Plans

 

When you join a Medicare Advantage Plan, you use the health insurance card that you get from the plan for your health care. In most of these plans, generally there are extra benefits and lower copayments than in the Original Medicare Plan. However, you may have to see doctors that belong to the plan or go to certain hospitals to get services.

To join a Medicare Advantage Plan, you must have Medicare Part A and Part B. You will have to pay your monthly Medicare Part B premium to Medicare. In addition, you might have to pay a monthly premium to your Medicare Advantage Plan for the extra benefits that they offer.

If you join a Medicare Advantage Plan, your Medigap policy won’t work. This means it won’t pay any deductibles, copayments, 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. You should consult with Medicare experts and on the Medicare website if you need more information. Keep in mind though that you still have a legal right to keep the Medigap policy.

 

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Source: http://www.medicare.gov

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