What exactly is a Medicare Advantage Plan? Medicare Advantage Plans is an alternative to Original Medicare, also known as Part A, B, and C. Instead of receiving Medicare benefits through the federal government-run medical program, beneficiaries may opt to obtain their coverage through a Medicare Supplement plan, accessible through private medical insurance companies that contract directly with Medicare.
When choosing a Medicare Supplement plan, it’s important to understand the differences between the various products available and to shop around to find the best price. Each company offers different benefits at varying prices. For example, Medicare Part A will cover some doctor visits but does not cover any prescriptions. Medicare Part B covers most doctor visits and certain hospitalization fees, while Medicare Part D covers some prescriptions and the majority of doctor visits.
Most people are familiar with the benefits available to Medicare beneficiaries with both Medicare Parts A and B. However, there are many differences between Part A and B. For example, Medicare Part A requires the participant to pay 100% of out-of-pocket costs for covered expenses, while Medicare Part B requires the participant to pay a portion of the costs.
Part A is also limited in how it can be used and often has restrictions on the types of drugs covered and the amounts. In addition, Medicare Part D requires the participant to pay for all its prescribed drugs, even those not covered by Medicare Part A.
As you compare Medicare advantage plans, you should also compare the costs and benefits of each plan type. Most companies offer a wide range of premiums and deductibles, which can make it difficult to determine which plan is best. For example, some plans may only cover the first $50 of your prescription drug coverage, while others may require you to pay nothing at all for their drugs. While you may want to reduce your out-of-pocket costs for medications, you may also want to consider increasing the prescription drug coverage provided by your company.
When you compare Medicare advantage plans, you will need to determine which type of provider you prefer. There are two basic types of managed care plans: PPO and HMO. Many people choose a PPO plan because they offer more flexible and affordable options. On the other hand, a group of individuals may choose an HMO if they feel that a PPO will limit their ability to choose their healthcare providers and medical professionals.
Your next step will be to find out where you can get a free online quote option for Medicare advantage plans. Several websites allow you to receive an online quote for the different plans offered by different companies. All you have to do is complete one short form and you will receive an instant online quote. This will allow you to easily compare the prices and benefits of different providers. After you have found a company that fits your needs the best, you can apply online and start making payments to help defray the cost of your medications.
