Medicare was established to cover the medical needs of Americans who are 65 and above. However, not everyone is aware of all the different types of Medicare plans available, including Medicare Advantage. In this blog post, we’ll discuss what Medicare Advantage is, how it works, and the different types of Medicare Advantage plans available.
What is Medicare Advantage?
Let’s begin by taking a look at the different components of Medicare. As you probably know, Medicare consists of different parts:
- Part A (Hospital Insurance)
- Part B (Medical Insurance)
- Part C (Or Medicare Advantage)
- Part D (Drug coverage)
- Medicare Supplemental Insurance (Or Medigap)
Medicare Advantage, also known as Medicare Part C, is a type of healthcare plan offered by private companies approved by Medicare.
Medicare Advantage plans cover everything included in Medicare Part A and Part B (often referred to as Original Medicare), but may also offer additional benefits, such as prescription drugs, vision, dental, and hearing.
Keep in mind that while Medicare Advantage plans are required to cover all of the services covered by Original Medicare, they may have different rules, costs, and restrictions.
How Does It Work?
When you enroll in a Medicare Advantage plan, you are still enrolled in Medicare. However, your healthcare coverage is provided by the private company you choose.
The costs and coverage of each plan may vary, so it’s important to compare different plans before selecting one.
Most Medicare Advantage plans also have a network of hospitals, doctors, and specialists you can choose from, and may require pre-authorization for certain services.
What are the Different Types of Medicare Advantage Plans?
There are several different types of Medicare Advantage plans, including:
- Health Maintenance Organization (HMO): Requires you to choose a primary care physician and stay within the network for care, except for emergency situations.
- Preferred Provider Organization (PPO): Allows you to see doctors outside the network for a higher cost.
- Private Fee-for-Service (PFFS): Much like Original Medicare, it allows you to see any provider who agrees to the plan’s terms and conditions.
- Special Needs Plan (SNP): Designed for those who have specialized healthcare needs, such as chronic conditions
- Medicare Savings Account (MSA): These plans combine a high-deductible insurance plan with a medical savings account to pay for your health care costs.
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.