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3. Enroll in a Part C Medicare Advantage Plan

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Medicare Advantage Plans, sometimes called Part C, are health plan options that are part of the Medicare program. If you join one of these plans, you generally get all your Medicare-covered health care through the Medicare Advantage Plan. This coverage can include prescription drug coverage.

 

Medicare Advantage Plans include:

 

  • Medicare Health Maintenance Organization (HMOs)
  • Preferred Provider Organizations (PPO)
  • Private Fee-for-Service Plans
  • Medicare Special Needs Plans

When you join a Medicare Advantage Plan, you use the health insurance card that you get from the plan for your health care instead of your red, white, and blue Medicare card. In most of these plans, there are extra benefits and lower co-payments than in the Original Medicare Plan. Most Medicare Advantage Plans are managed care plans, usually a health maintenance organization (HMO) or a preferred provider organization (PPO) and you may have to see doctors that belong to the plan or go to certain hospitals to get services. In PPO plans, you can see doctors out of the network, usually at a higher rate. 

To join a Medicare Advantage Plan, you must have Medicare Part A and Part B. You will have to pay your monthly Medicare Part B premium to Medicare. In addition, you may have to pay a monthly premium to your Medicare Advantage Plan for the extra benefits that they offer. In 2024, the standard monthly Part B premium amount is $174.70 (or higher depending on your income). However, some low income individuals may qualify for Medicare Savings Programs and pay less than this amount. Being eligible for certain Medicare Savings Programs could give you access to special needs plans geared for low income individuals.

Medicare Advantage Plan companies and benefits vary by county. Contact us for a no pressure Medicare Plan Review to help narrow the overwhelming number of options to the ones that may fit your needs better.

 

Here are the Pros and Cons of choosing a Medicare Supplement Plan:

 

Pros:

  • They are generally lower monthly costs than Medicare Supplement plans. Most Medicare Advantage plans are zero or low premium. A few plans actually have a Part B giveback benefit that could reduce your monthly Medicare premium.
  • Since they are compensated by Medicare, they are able to design various plans with benefits that may fit your needs better. Everyone is different and has different needs. No one plan is right for everyone. There are choices based on what you are looking for.
  • Some of these extra benefits could include dental, vision, hearing, OTC allowance, gym membership, etc
  • Usually already include Part D drug coverage
  • Usually zero or low deductible

Cons

  • Must pay copays or coinsurances for hospital and medical services. Each plan has a summary of benefits to detail these copays.
  • It is important to find out if your providers are in network. PPO plans will allow you to use out of network providers (as long as they accept Medicare) for a higher cost.
  • If you choose an HMO plan, you must stay in network unless you have an emergency or urgent care situation.

This information obtained from www.medicare.gov

 

By contacting the phone number on this website you will be directed to a licensed agent.