What is Medicare Advantage?
Medicare Advantage, also known as Medicare Part C, are private insurance plans. They offer similar coverage to Original Medicare, or Medicare Parts A and B. They provide people with convenient health insurance that goes above and beyond the scope of Original Medicare.
Nearly 20 million Americans rely on Medicare Advantage plans as their primary source of health care. That’s over 30 percent of all Medicare beneficiaries!
What does Medicare Advantage cover?
Medicare Advantage offers all the same treatment, coverage, and benefits as Original Medicare. Most plans go above and beyond Original Medicare by covering:
- Health and wellness programs
On top of that, Medicare Advantage usually includes prescription drug coverage. Original Medicare, on the other hand, does not cover prescription medication.
Since Medicare Advantage plans are sold by private insurance companies, each plan comes with rules and regulations. Some plans require referrals to see specialists, or they require that you see in-network providers.
Do I need Medicare Advantage?
Here are the biggest benefits of a Medicare advantage plan:
- Prescription drug coverage: Original Medicare doesn’t cover medication. Most Medicare Advantage plans do.
- Out-of-pocket expenses: Original Medicare has no limit on out-of-pocket expenses. If you have an emergency or you need regular medical care, your bills can spiral out of control. Not with Medicare Advantage. Each plan comes with an out-of-pocket maximum of $6,700 per year.
There are some cons, however:
- Less flexibility: Medicare Advantage plans usually require you get in-network care and referrals. Some health care providers may not accept Medicare Advantage.
- Complicated paperwork: Medicare Advantage plans are sold from private insurance companies. You can face additional paperwork when trying to coordinate benefits with your Medicare.
Don’t rely only on Medicare for your medical needs. Get the care you deserve, at a price you can afford, with Medicare Advantage.