All You Need to Know About Medicare Advantage Plans

Medicare is an important part of the healthcare system and is provided by the federal government in its original form and is managed by numerous Medicare-approved private insurers. The federal government offers both parts A and B of Medicare whereas part C is an alternative to the original Medicare which is managed by outside parties. Medicare Advantage Plan is nothing but the common name for part C Medicare so there is nothing to be confused about.

The combined benefits for your health

This Medicare plan combines the coverage for doctor and hospital from part A and B into a single plan which is part C. Apart from that, you will also get some extra benefits such as vision, hearing and routine dental care. Based on your plan, you get yearly protection for out of the pocket expenses and as part D, you also get cover for prescription drugs depending on the plan.

Along with the standard Medicare plan, you also get certain benefits that are not included in the original Medicare plan which makes it a popular one.

Your Medicare Advantage Plans

 

Types of Medicare Advantage Plans

There are 6 types of Medicare Advantage Plans that you need to know. They are as follows:

  • Health Maintenance Organization Plan (HMO): You will be able to see healthcare providers that participate and are approved by the plan.
  • Point-of-Service Plans (POS): This includes all the benefits from HMO and covers both in-network and out-of-network services.
  • Preferred Provider Organization Plan (PPO): Higher than the POS and HMO, this plan does not require referrals to visit specialists.  
  • Private Fee-for-Service Plan (PFFS): This plan helps in deciding how much you will be paid by the provider and how much you have to pay when the care is received.
  • Medical Savings Account Plan (MSA): A special type of savings account is created where money is put into the account which is tax-free and can be used for IRS-qualified medical expenses and deductibles.
  • Special Needs Plan (SNP): For an individual with special needs, this plan is suitable for them. This plan covers individuals with chronic diseases and severe disability.

The cost of the Medicare Insurance Plans depends on the type of plans you take or the type of coverage you get. Depending on that, you can proceed with your healthcare plan and get yourself treated.

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