Medicare Advantage Plans
Medicare Advantage Plans
Medicare Advantage (MA) plans provide a specific type of Medicare health insurance, provided by private insurance companies. To purchase this plan a person must be enrolled in the Government’s Medicare program and enroll with a private insurer. Those in the healthcare industry refer to this plan as “Part C” of Medicare or “MA Plans.”
Furthermore, MA plans provide an alternative to the Original Government Medicare plan by offering additional coverage. The following guide will go over the pros and cons and provide information about different health insurance options.
Pros and Cons of Medicare Advantage
The MA program provides more benefits than the government’s Original Medicare program. Additional coverage can include routine dental care, prescription drugs, hearing aids, routine vision care, and membership to gyms and fitness centers.
MA Plans often maintain lower cost-sharing expenses than the original Government Medicare Plans.
MA Plans maintain maximum limits for out of pocket expenses. As a result, once a policyholder reaches the maximum, there are no further costs for any covered services. Moreover, this exemption will last for the remainder of the insurance year. Unfortunately, the original Government Medicare plan does not offer this very important benefit.
MA Plans coordinate care among the health care providers.
Rural communities: There is a limited number of MA health care providers in rural communities. Therefore, policyholders will find a limited number of MA Networks to choose from in some rural communities.
Authorizations and referrals: Without authorization, medical care may not qualify as reimbursable and Seniors may need to pay the costs themselves.
Regional limitations: Most Medicare Advantage Plans require that you live within a network’s region for a certain period of time prior to enrolling.
Plan Options: The available options for Medicare Advantage Plans will vary depending on the region and the approved plan providers.
Finally, after reviewing the pros and cons of Medicare Advantage and Original Medicare, one should have a better understanding of which plan will be better for you and your family. If you want the financial protection of a limit on healthcare spending and set costs for procedures, as well as prescription benefits and extra benefits like dental and vision (all rolled into one plan) Medicare Advantage is a great idea.