Medicare Advantage Plan or Medicare Part C is different from Original Medicare Plans. In original Medicare plans, you receive Medicare Part A and Medicare Part B. Medicare Part A covers hospital insurance while Medicare Part B covers hospital insurance. However, if you consider taking a Medicare Advantage Plan, you will receive Medicare benefits alternatively.
Private companies with Medicare offer Medicare Advantage plans and cover Medicare Part A and Part B and provide various other benefits. However, most people do not know the difference between the Original Medicare Plan and Medicare Advantage.
The simplest way to answer is that Medicare Advantage Plans have a few key features that many people find attractive. Following are a few benefits of Medicare Advantage Plans that You would Like to know.
Benefits of Taking Medicare Advantage Plans
Medicare advantage health care plans provide numerous benefits as compared to Original Medicare Plans. These benefits might include vision care, hearing aids, covering prescription expenses, membership of fitness centers, and prescribing drugs. Following are a few other benefits of availing Medicare Advantage Plans that you should know.
Medicare Advantage Plans Cost Less
When you enroll in Medicare Advantage Plans, you will continue to pay the Medicare Part B premium along with additional compensation. The amount of Medicare Advantage Plan premium varies from one Medicare Advantage Plan to another. However, the Insurer decides the premium of the Medicare Advantage Plan. Some Medicare Advantage Plans might ask you to pay a premium as low as $0.
Similarly, the sharing cost you pay under the Medicare Advantage plan might also be less. If you visit the primary physician under the Original Medicare Plan, you will pay about 20% of the expenses. However, if you visit primary care physicians under Medicare Advantage, you pay a copayment of up to $10.
Medicare Advantage Plans Limit Out-of-Pocket Expenses
Another benefit you receive from taking a Medicare Advantage Plan is that you limit your out-of-pocket expenses. After giving a specific amount, you will not have to pay for additional medical services. However, it is the facility that the Original Medicare services do not provide. It means that if you have Original Medicare Services and you face a medical emergency, you will have to invest the money from your pocket.
Medicare Advantage Plans Provide Coordinated Health Care
When you take Medicare Advantage plans, you should know that you will get help from health care professionals. Most of the Medicare Advantage Plans are connected with the networks of health care providers. One of the examples is the health maintenance organization (HMO) Medicare Advantage Plans. These HMO plans require you to select the physicians who can help and coordinate you with your care.
Similarly, there are a few prescribed drug coverage Medicare advantage plans that also provide medication therapy management. Such kind of care coordination can be convenient and helpful for your health.
Medicare Advantage Plans Provide Convenient Coverage Options
If you are an Original Medicare Plan, you will receive two types of coverage. First is the hospital coverage, and the second is the medical coverage. However, if you need Part D coverage for prescription drugs, you will have to purchase it.
Medicare Advantage plan is different from the Original Medicare Plan as it is a One-stop center. Most of the Medicare Advantage plans cover Part A, Part B, and Part D. Along with these benefits provide additional benefits of vision, dental, and hearing care.
Medicare Advantage Plans Allow You to Receive Personalized Plan Structures
Another benefit of the Medicare Advantage plan is that they allow you to personalize the plan according to your needs. For example, if you are experiencing chronic health conditions, you can take advantage of the SNP plan, as this plan will help you cover your medical costs.
Similarly, you can get benefits from PPO and PFFS plans if you want provider freedom. Moreover, you can avail of additional services like vision, hearing, and many other services using Medicare advantage plans.
Information about Joining Switching and Doping Medicare Advantage Plans
If you want to join, switch, or drop Medicare Advantage Plans, you should know that you can only do it during the enrollment periods.
Initial Period of Enrollment
After becoming eligible for Medicare Advantage Plans, you can sign up to avail the plan during your initial enrollment period. The enrollment period begins three months before you turn 65 and continue for seven months. It means that you can enroll in the three months after you turn 65.
However, if you are a disabled person but under 65 years, you will become automatically eligible for Part A and Part B.
If you apply for the Medicare Advantage plan during the first three months, there are good chances that you will get the coverage on the first day of your birthday month. However, if your birthday is on the first day of the month, you will get coverage on the first day of the prior month.
Similarly, if you enroll for Medicare Advantage Plan on the month you turn 65, your coverage date might be delayed.
General Period of Enrollment
If you are already availing part A Medicare Plan and get Part B Medicare Plan from January 1 – March 31, you can join the Medicare Plan. However, you should know that you might not get your coverage until July 1.
Open Period of Enrollment
The open enrollment period is from October 15 to December 7. You can join Medicare, switch plans, and drop the plan if you want during this period. After enrolling, you will get your coverage from January 1.
You can get Medicare Advantage plans from various private insurance companies. However, you should know that the price and coverage level of each plan might differ from others. Therefore, you should carefully review the available plans and check whether they meet your budget or not.
Moreover, if you get the Medicare Advantage plan and do not find it fit, you can revert to the traditional Medicare. Furthermore, you can also choose a different plan during the enrollment period.