Understanding Medicare Advantage Plans
You've likely heard about Original Medicare (Parts A and B), but there’s a different kind of plan that many Medicare beneficiaries choose: Medicare Advantage—also known as Part C plans. At Healthcare Select, we want to help you understand what these plans are and how they can offer you more.
What is a Medicare Advantage plan?
Think of a Medicare Advantage plan as an all-in-one health plan offered by private insurance companies that Medicare approves. Medicare Advantage plans are legally required to cover everything Part A and B cover, but they often also include additional routine benefits.
Medicare Advantage plans may have a low to $0 monthly premium and a low to $0 deductible. You will, however, still have to pay your regular Medicare Part B premium even when enrolled in a Medicare Advantage plan.
The Big Benefits of Medicare Advantage Plans
Medicare Advantage plans can often go beyond what Original Medicare offers. Medicare Advantage plans may include additional routine benefits that could make a difference in your life, such as:
Prescription Drug Coverage: Most Medicare Advantage plans include coverage for your medications, which is known as Part D. This means you don't need to get a separate drug plan.
Routine Dental Care: These plans can help pay for things like check-ups and cleanings.
Vision Coverage: Many plans offer help with eye exams.
Hearing Aids: You can get help paying for hearing tests and hearing aids.
How do Medicare Advantage plans work?
When you choose a Medicare Advantage plan, you usually join a specific network of doctors, specialists, and hospitals. This is very similar to the healthcare plan you may have had through work or your spouse’s work before enrolling in Medicare.
This is a bit different from Original Medicare, which lets you go to any doctor who accepts Medicare.
For your plan to cover your care, you will need to see doctors and other health professionals within your plan's network. This helps keep costs lower for everyone. It’s a good idea to check if your preferred doctor is in the plan’s network before you sign up.
When can I enroll in a Medicare Advantage plan?
There are a few key times when you can sign up for a Medicare Advantage plan:
Initial Enrollment Period (IEP): This is your first chance to get Medicare. It's the 7-month window around your 65th birthday.
Annual Enrollment Period (AEP): This happens every year from October 15 to December 7. During the AEP, you can switch from Original Medicare to a Medicare Advantage plan, or change from one Medicare Advantage plan to another.
Depending on your situation, there are other enrollment periods that may be available to you. You can learn more about the different enrollment periods here.
Finding the Right Medicare Advantage Plan for You
Choosing the right Medicare Advantage plan can feel like a lot to think about. What's most important is finding a plan that fits your life, your doctors, and your budget. Take the time to check to see if there are any changes being made to your current plan, understand when you’re eligible to review your options for coverage, and determine if a Medicare Advantage plan might be a good alternative for you to consider.