Medicare Advantage
Medicare Part C plans, otherwise called Medicare Advantage plans, are plans that are provided by insurance companies who contract with Medicare. These plans offer coverage for services covered under Medicare Parts A and B in addition to extra services, such as prescriptions, dental services, vision services, and so on. These extra services can sometimes be added at no additional cost.
To enroll in a Medicare Advantage plan, you must be enrolled in Original Medicare.
Types of Advantage Plans
There are several types of Medicare Advantage plans available:
- Health Maintenance Organization (HMO): Each HMO Plan has a specific network of providers that are within the policy’s coverage. Beneficiaries are always encouraged to go to these providers for medical care as going outside this network can result in expensive out-of-pocket costs. The majority of HMO Plans also ask beneficiaries to select a primary care doctor. They can write referrals and direct care to specialists within your network.
- Preferred Provider Organization (PPO): PPO Plans have a designated network of healthcare providers that are recommended. When receiving care from those network professionals, beneficiaries will pay less. When receiving care outside of the network, beneficiaries will have to pay more out-of-pocket. However, PPO Plans will still offer some amount of coverage in most cases. PPO Plans do not require you to choose a primary care provider. They also don’t require referrals in most cases.
- Special Needs Plans (SNPs): Special Needs Plans can provide you with extensive healthcare insurance and provide you with access to professionals who are experts in their field. By enrolling in the right Special Needs Plan, you can gain coverage designed specifically to cover services for your specific needs. There are three types of Special Needs Plans to be eligible for: Dual-Eligible (D-SNP), Chronic-Condition (C-SNP), and Institutional (I-SNP).
- Medicare Medical Savings Account (MSA): MSA Plans have a high-deductible structure. In order for your policy to pay for medical expenses, your deductible for the year will need to be met. MSA Plans deposit money into the savings account and that money can be used to cover medical expenses before you meet your deductible.
