Medicare Advantage is one of the parts of the Medicare program that is sold by Medicare-approved private insurers companies. It is also known as Medicare Part C. Through Medicare Advantage, you can get combined coverage of the services from Medicare Part A and Part B (Original Medicare). Medicare Advantage plans are required to cover the same healthcare services that are covered under Part A and Part B.
Apart from Original Medicare coverage, Medicare Advantage also covers certain services that are not covered by Part A and Part B, e.g. prescription drug coverage, routine vision, dental, and hearing, and more. Besides coverage, another important aspect to remember about Part C is that it has multiple plan options such as HMOs, PPOs, PFFS, SNPs, etc.
Due to factors such as these, Medicare Advantage plans can be worth the cost. In this article, we’ll explain why you may need a Part C plan.
Is Part C Worth It?
Before you can join a Medicare Part C plan, you must have Medicare Part A and Part B. Do keep in mind that you will not be able to enroll in Medicare Advantage if you currently have a Medicare Supplement plan. This is because when you enroll in Original Medicare, you will have the options of joining a Medicare Advantage plan, purchasing a Medicare Supplement (Medigap) plan, and/or adding on a Part D (prescription drug coverage) plan. Medicare Supplements will supplement Original Medicare and cover costs that it may not cover, but Medicare Advantage is generally seen as an alternative option to Original Medicare because of the similar coverage it provides, along with it’s additional benefits.
If you prefer to have your coverage under one plan, then Medicare Advantage plans are worth it.
You can also get a Medicare Advantage plan with low or even no monthly premium payment. This can be beneficial on the financial aspect, but do keep in mind that you will still be expected to pay your Part B monthly premium. Under Medicare Part C, there is also an out-of-pocket limit you can reach each year. This maximum out-of-pocket limit can change each year, but currently sits at $7,550 for in-network services and $11,300 for in-network and out-of-network services combined for 2021.
Reach Out to Game Changing Benefits Today
At Game Changing Benefits, we are committed to helping families and seniors with their insurance and retirement needs. Contact us today for more information on Medicare Advantage plans and what options are available to you.