The C In The Medicare Alphabet
By rwevenson91601593, Jul 24 2017 06:20PM
Medicare Advantage Plans, also called Part C, are private insurance plans approved by Medicare. With a Medicare Advantage Plan, Medicare pays a fixed amount to an insurance company each month and the insurance company assumes all the risk associated with payment of healthcare claims. If you join a Medicare Advantage Plan, you are still enrolled in Parts A and B. However, your coverage will be through the Medicare Advantage Plan and not Original Medicare. Medicare Advantage Plans must follow the same rules set by Medicare and must contain all the benefits covered under Medicare A and B. Medicare Advantage Plans my offer additional benefits such as dental, vision, hearing coverage, gym memberships, etc. Prescription drugs may or may not be included in the Medicare Advantage Plan. LIke Original Medicare, a Medicare Advantage Plan will most likely have deductibles and copayments. In addition, the plan usually incorporates a provider network into the benefit design. Medicare Advantage Plans may have a monthly premium and will contain an out-of-pocket limit on cost share. Out-of-pocket amounts usually vary between in-network vs. out-of-network providers. However, there is always coverage for urgent or emergency care. Part C has an open enrollment period each year. This gives a Medicare benefitciary the opportunity to evaluate all the plans available for the next year. A Medicare Advantage Plan my make annual adjustments to premiums, benefit coverages, participating providers and preferred pharmacies, to name a few. Medicare Part C may or may not be the right choice for you.