Medicare Advantage is Part C of Medicare. This component of the Medicare program governs the private insurance companies that produce Medicare Advantage plans. That’s right, Medicare Advantage plans are privately offered insurance products that are only sold by approved insurance providers. That means you can get access to a variety of useful benefits that otherwise wouldn’t be available with a traditional Medicare plan.
Medicare Advantage Benefits
Medicare Advantage plans are not standardized, therefore you can expect to find plans that offer a variety of different benefits in your area. With that said, all Advantage plans must offer at least the same coverage as Original Medicare, so you won’t have to worry about buying a plan that doesn’t at least cover all of the essential benefits. One of the main advantages of having one of these plans is that you can get supplemental benefits that can make your health care experience far easier.
Types of Medicare Advantage Plans
There are several different types of Medicare Advantage plans. Each plan offers different advantages and disadvantages. Here is a breakdown of each type of Medicare Advantage plan:
- Health Maintenance Organization (HMO) Plans – The plans only allow you to go to doctors and hospitals within your plan’s network unless it is an emergency situation. You may also need a referral to see specialists and get certain tests.
- Preferred Provider Organization (PPO) Plans – In a PPO plan, your premium payments are usually higher, but you have access to more doctors than members of HMO plans. You can seek care outside of your network, though at a higher cost than in-network care, and you don’t always need a referral to see specialists.
- Private Fee-for-Service (PFFS) Plans – PFFS plans are like Original Medicare, as they allow you to see nearly any doctor. The only difference is that PFFS plans determine how much they will offer doctors and other health care providers, meaning the hospitals will have to accept the chosen rates.
- Special Needs Plans (SNPs) – These plans are designed to provide unique benefits suited for people with special needs. Most of the plans are meant for people with chronic conditions or other specific disabilities. Some plans are even made for people who qualify for both Medicaid and Medicare at the same time.
Who Can Join An Advantage Plan?
Anyone who is enrolled in both Part A and Part B of Medicare can join an Advantage plan. Though, it may be difficult for someone with End-Stage Renal Disease to join a Medicare Advantage plan in many cases.
Start Searching For Your Medicare Advantage Plan
Medicare Advantage plans offer amazing options to make staying healthy easy. If you are interested in shopping for Medicare Advantage plans, get in touch with Larry Klein today.