Health Insurance Perk Plans
Medicare Advantage plans differ from Medicare Supplements in many ways. My clients should consider Medicare Advantage plans as an alternative to Original Medicare coverage. Original Medicare includes Parts A, B and Medicare Advantage plans are sometimes called Part C or MA plans. Original Medicare doesn’t cover Medicare Advantage plans. Medicare Advantage plans have to include all of the services Original Medicare covers.
Original Medicare has providers billing Medicare at first, and then a supplement firm. Individuals may be responsible for any portion that is not paid by Medicare or the private supplement company. Medicare Advantage plans have the private insurance company being billed. If an individual has a Part C plan (MA) with company XYZ, and visits his primary physician or receives services at a hospital for treatment, the bill will go to company XYZ, not Medicare. This could mean that the individual will be responsible for either a copay, or a maximum amount.
Medicare Advantage plans can sometimes be called “all in one” plans, as they include other coverages. Part C plans typically include prescription drug coverage. These plans are sometimes referred as MAPD plans (Medicare Advantage prescription drug). Some plans offer coverage for hearing, vision, wellness programs, and/or additional ancillary benefits. Medicare Advantage plans differ greatly so it is important to review each plan individually.
Medicare Advantage plans come with a premium. These premiums can vary greatly. Some plans have a $0 monthly cost. However, to be eligible for Medicare Advantage plans, the individual must still pay the Part B premium. Access to plans varies from one county. A $0 monthly premium plan, for example, may be available in one county but not in another.