What is a Medicare Advantage?
Medicare Advantage, also known as Medicare Part C, is a plan provided by private insurance companies with the help from subsidies provided by the government so that the insurance company can design network based plans at a low or zero premium.
These plans are normally designed with copays and coinsurance throughout the plans as a form of cost share that the client would assume when joining one of these plans. Most plans will include additional benefits at no additional cost to you such as dental, vision, and/or hearing benefits as an example.
So let's take a closer look at Medicare Avantage Plans.
Medicare Advantage Upside:
- It’s convenient to have a single plan for everything
- The plan covers everything traditional Medicare covers (hospital insurance and medical insurance) as well as emergency and urgent care
- Most plans also include prescription drug coverage
- Your eligibility isn’t affected by health or financial status
- Premiums are low
Medicare Advantage Down Side:
You’re restricted to certain doctors in your network (unless it’s an emergency)
Plan premiums can change from year to year
Difficult to switch to Medigap later on
Plan benefits can change from year to year
You’re subject to higher out-of-pocket deductibles, copays and coinsurance.
What kind of plans can I choose from?
See Which Plans Are In Your Area Today
Medicare disclaimer: This is a solicitation of insurance. A licensed insurance agent is contracted with multiple carriers offering Medicare Advantage and Prescription Drug plans each with a Medicare contract. Enrollment depends on contract renewal. Contact may be made by a licensed insurance agent or insurance company. We do not offer every plan available in your area. Currently, we represent 10 organizations which offer 90 products in your area. Please contact medicare.gov or 1-800-MEDICARE (TTY:1-877-486-2048), or your local State Health Insurance Program (SHIP) to get information on all of your options.
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