Medicare Advantage is a type of health insurance plan offered to Medicare beneficiaries in the United States. Also known as Medicare Part C, Medicare Advantage plans are offered by private insurance companies and are an alternative to Original Medicare.
Medicare Advantage plans cover all the benefits of Original Medicare (Part A and Part B), but they may also include additional benefits such as dental, vision, and hearing coverage. Some plans may also include prescription drug coverage (known as Medicare Advantage Prescription Drug plans, or MAPD).
The cost of Medicare Advantage plans can vary depending on the plan and the insurance company offering it. Most plans have a monthly premium in addition to the Medicare Part B premium. However, some plans may have a $0 premium. In addition to the premium, there may be other out-of-pocket costs, such as copayments, deductibles, and coinsurance.
One of the main advantages of Medicare Advantage plans is that they often have a network of providers that beneficiaries must use in order to receive care. This can help to control costs and ensure that beneficiaries receive high-quality care from providers who are familiar with their medical history. However, some plans may also offer out-of-network coverage, although it may come at a higher cost.
Another advantage of Medicare Advantage plans is that they may offer additional benefits that are not covered by Original Medicare. For example, some plans may offer gym memberships, transportation to medical appointments, and wellness programs.
To enroll in a Medicare Advantage plan, you must be enrolled in Medicare Parts A and B and live in the plan’s service area. You can enroll during the Annual Enrollment Period (AEP), which runs from October 15 to December 7 each year. You may also be able to enroll or switch plans during a Special Enrollment Period (SEP) if you experience certain life events, such as moving to a new area or losing employer-sponsored health coverage.
In summary, Medicare Advantage is a type of health insurance plan offered by private insurance companies as an alternative to Original Medicare. These plans can offer additional benefits and often have a network of providers that beneficiaries must use to receive care. To enroll, you must be enrolled in Medicare Parts A and B and live in the plan’s service area.