Medicare Advantage plans are programs that private insurance companies offer for health insurance. Medicare Advantage (MA) and Medicare Advantage with Prescription Drug Coverage (MAPD) are the two main types of plans. These types of plans should be known, as they are a common option among retirees because of their simplicity and a wide variety of additional benefits.
At the heart, Medicare Advantage and Medicare Advantage with Prescription Drug Coverage programs provide the same coverage given by Original Medicare. The value is seen in the one-stop-shop policy to address the needs of Medicare for seniors with a single package and added benefits. Plus, you can lower your premiums, pay a single low-cost or zero-dollar monthly fee, see your preferred health care providers, and receive extra benefits if you are enrolled in the correct plan for your needs.
The Network of the Plan is one of the most important items to think about when considering a Medicare Advantage plan. Medicare Advantage policies operate the same way as a Health maintenance organization (HMO) or Preferred provider organization (PPO) plan you might have seen when on health insurance offered by the employer. The plan's network involves a specific collection of "in-network" suppliers and hospitals. Medicare Advantage with Prescription Drug Coverage plans can also note the pharmacies that are considered in-network.
One false assumption that is simple to make is that the network of a plan can be small and hence restricted in choices. The truth, however, is that most Medicare Advantage with Prescription Drug Coverage plans are very broad and often require several systems for hospitals and providers.
In fact, studies show that Medicare Advantage plans continue to extend their networks, and Medicare Advantage plans' success and growth encourages providers to remain part of the network of a plan.
Although it is true that at any point in the year, A Medical Advantage plan will adjust its list of doctors and physicians deemed in-network, all plans must ensure that you do not encounter medical care interruptions and must ensure that you have adequate access to care.
Also Read: Medicare Plan Terms Employers Need to Know
Medicare Advantage plans are increasing in popularity due to the predictability they provide, in large part. By providing predictable copays, capped annual out-of-pocket spending, and reliable low or zero-dollar premiums, these policies help you better control your expenses.
Currently worth over $1,200, Medicare Advantage plans also offer extra benefits that continue to drive more and more retirees to enroll. Medicare Advantage and Medicare Advantage with Prescription Drug Coverage policies typically provide additional benefits in addition to large networks and low-cost premiums, such as:
In addition, the medical and prescription drug coverage premiums and benefits are merged into a single package with either one low or zero-dollar premium charge, making it easier for you to keep track of your health care costs and get back to retirement.
If you have concerns about plans for Medicare Advantage, reach out to us! We are pleased to address your needs and assist you in deciding if a package for Medicare Advantage is right for you.
Does Medicare Cover Cancer Treatment?
Medicare is covered only by home health care services prescribed by a physician and delivered by qualified nurses, although patients must meet strict eligibility criteria.
What is the easiest way to apply for Medicare? Well, you are in the right place! Most people were automatically enrolled and became eligible for Social Security when they turn to 65. We didn't need to apply for Medicare until President Reagan signed the legislation which raises the retirement age in 1983 and begins in 2003.
While eye care is a common need as we age, Medicare coverage is extremely restricted for most vision services. It is normally based on whether you encounter any medical problems that can impair your eyesight.
Many people believe that Medicare is free because, for much of their working life, you have paid into Medicare by taxes, but that assumption is not right.