Medicare Advantage plans, also known as Part C coverage, allow you to get Medicare coverage from private insurance companies in contract with the Federal government. All Medicare Advantage plans often provide the same benefits as original Medicare but may have different regulations, coverage exclusions, and rates. If you are about to enroll in a Medicare Advantage plan for the first time, you may have several questions about its cost, services covered, etc.
Here we have answered some of your questions about Medicare Advantage plans.
A Medicare Advantage plan covers all original Medicare benefits, such as Part A (hospital expenses) and Part B (medical supplies and equipment). In addition, Medicare Advantage plans may cover hearing, vision, and dental care and other health and wellness programs.
It depends on the type of Medicare Advantage plan you choose. There are four types of Medicare Advantage plans, including:
Though some plans allow you to see out-of-network providers, visiting network providers or hospitals costs less.
Yes, Medicare Advantage Plan includes Part D Coverage that pays for your prescription drugs. However, prescription drug coverage has a formulary, which consists of the list of medications covered under the plan. If your medicine is not listed in the formulary, you may have to file an appeal, request an exception, or pay out of pocket.
Every year, the Centers for Medicare & Medicaid Services assess the quality of Medicare Advantage plans and provide ratings accordingly. A plan with a 5-Star rating means the best. These ratings are easy to compare plans and finalize the better one. You can find the latest ratings for all Medicare Advantage plans on the official site of Medicare.
The right Medicare Advantage plan depends on your healthcare needs, the providers you want to see, and your budget.
However, generally, while choosing between the Medicare Advantage plans, ensure the:
Now, you know some useful insights on Medicare Advantage plan, so that you can choose the best yet affordable plan for your needs.