Medicare Advantage Plans, also referred to as Medicare Part C, work as an alternative option to original Medicare (known as Medicare Part A and Part B.
Medicare Advantage plans allow you to receive similar Medicare benefits and options, but in a different fashion.
Here are some critical questions to ask when deciding whether or not a Medicare Advantage plan is the right fit for you.
How Well Does This Medicare Advantage Plan Cover the Medical Needs I Currently Have Or May Need Shortly?
Private insurance providers are contracted with Medicare to provide the same level of coverage that Part A and Part B provide. Still, many times the Medicare Advantage plans have additional vital features that original Medicare may not provide without Supplemental Insurance plans.
Medicare Advantage plans cover hospital and doctors visits and often cover additional benefits you might currently need. In general, Medicare Part A covers medical services and tools required with hospital stays, and Medicare Part B covers doctors visits. Check with the Medicare Advantage plan to see whether it covers your medical necessity. Some Medicare Advantage plans offer not covered through Part A or Part B, such as drug coverage, vision, dental or hearing coverage.
What Are The Costs Involved With Your Medicare Advantage Plan?
Costs are an important factor with many people on Medicare. Knowing the cost of the plan you are choosing is essential when deciding which plan is best. Knowing the costs of original Medicare and your Medicare Advantage plan can help you with your decision. Make sure to compare two similar items, such as out-of-pocket costs per year. For example, with Original Medicare, there’s no out-of-pocket limit unless you add additional supplemental Medicare plans. Medicare Advantage plans have varying out-of-pocket cost limits. Having a limit to how much you pay out-of-pocket can make a Medicare Advantage plan a practical option for you.
What Type of Provider Network Does My Medicare Advantage Plan Have?
There may be limits with the choices you have with hospitals, medical centers, and doctors with Medicare Advantage plans. Generally, health insurance providers determine the provider networks.
Your plan may ask you to use health care professionals in-network to cover your services. If this is the case, it’s essential to know which pharmacies, hospitals, and doctor’s visits are part of your plan’s network and see how close those doctors are to your home. If you have a preferred doctor or hospital, double-check that they are available with your plan. Talk to your insurance agent about out-of-network coverage options to see if that is an option as well.
There are more than 4,000 different Medicare Advantage plans currently available. Narrowing down the best plan for your medical needs is essential, and asking yourself these questions will help you with that decision.
Would you please reach out to one of our many knowledgeable agents if you have any questions we can answer? We’d love to help.