What is a Medicare Advantage plan?
Medicare Advantage Plans are health plan options (like HMO’s and PPO’s) approved by Medicare and run by private companies. These plans are part of the Medicare Program and are referred to as, “Part C” or “MA plans”. Medicare pays the private insurance company to manage and pay an insured’s medical claims on their behalf. All private Medicare Advantage Plans must cover at least the same medically-necessary services as covered by Original Medicare. However, Medicare Advantage Plans do not have to match the coverage of a Medicare Supplement. Advantage Plans can charge co-pays, coinsurance, and deductibles for medical services.
Overview of Medicare Advantage plans:
- Plans cost from $0 to $115.00 per month based on the plan you choose.
- They offer prescription benefits and health insurance on one card.
- Dental, Hearing, Vision, and Wellness Programs can be included.
- All plans have either a PPO, HMO, or PFFS network set by the insurance company.
- Most plans have Co-Pays, Deductibles, and Coinsurance.