From traditional Medicare to Medicare Advantage plans, it can be challenging to understand the differences between all the options available to you. In particular, Medicare Part C is often used interchangeably with Medicare Advantage. But are they the same? Keep reading to find out.
Is Medicare Part C the Same as Medicare Advantage?
In short, yes Medicare Part C is also known as a Medicare Advantage plan. These terms are used interchangeably because they refer to the same type of plan.
Medicare Advantage is an all-in-one alternative to Original Medicare provided by private companies approved by Medicare.
One of the most important things to know about Medicare Advantage is that these plans have a yearly limit on your out-of-pocket costs for medical services. Once you reach this limit, you’ll pay nothing for covered services.
This limit may be different between Medicare Advantage Plans and can change each year.
Medicare Advantage (Medicare Part C) vs Original Medicare
It is essential to note that if you choose to go with Medicare Advantage, you’ll be required to work with a network of medical providers designated by the insurance company.
With traditional Medicare, on the other hand, you have the freedom to choose from any provider that accepts Medicare across the country.
When it comes to Part-B covered services with Original Medicare, you usually pay 20% of the Medicare-approved amount after you meet your deductible (coinsurance).
By contrast, with Medicare Advantage, out-of-pocket costs vary. Plans may have lower or higher out-of-pocket costs for certain services. You may also have an additional premium.
As explained earlier, Medicare Advantage plans have a yearly limit on your out-of-pocket costs for medical services, while with Original Medicare there’s no yearly limit on what you pay out-of-pocket (unless you have supplemental coverage like Medigap).
Wrapping It Up
Ultimately, the difference between Medicare Part C and Medicare Advantage is one of semantics. Medicare Part C is the same as Medicare Advantage.
No matter what you decide to call this type of Medicare plan, talking with an insurance advisor is essential to make the right choice about your coverage.
We hope this post has been informative and helpful in your Medicare decision-making process. If you have questions, don’t hesitate to contact the Mint team today!
Need Help Making Sense of Medicare Advantage? Mint Insurance Agency Is Here To Help
We are an insurance agency dedicated to becoming a lifetime partner for your Medicare needs.
If you need assistance or want to learn more about the alternatives at your disposal, contact our licensed agents today or call 1.888.225.MINT (6468). Our team stands ready to answer all your questions.
