Medicare Advantage Plans Part C
Medicare Advantage, also known as Medicare Part C, is an all-in-one, federally regulated alternative to Original Medicare. These plans are offered by private insurance companies. They bundle hospital coverage, doctor and outpatient services, and often prescription drug coverage into one package. Advantage plans cover everything that Medicare Part A and Part B cover. And, most plans help pay for services original Medicare doesn’t cover, such as routine dental, hearing and vision care. Unlike Medigap plans, Advantage plans have no or low monthly premiums (you still pay Medicare Part B premium). Instead, you pay copays and coinsurance as you utilize services. They are managed care plans, meaning they utilize a provider network and may charge more or may not cover doctors or facilities outside of a plan’s network. And many services require prior authorization by the insurance company. This structure is similar to employer group and individual health plans.
Before choosing an Advantage plan over Original Medicare some things to consider are:
Do all your doctor’s accept the plan?
Is premium a concern to you?
What is the maximum out-of-pocket you can afford?
Are all your medications covered on the plan?
Do you travel or live part time outside the service area?
Do extra benefits matter to you?