Medicare Advantage plans, also known as Part C plans, are health plans offered by private companies that are approved by Medicare.
What they cover: Medicare Advantage plans combine Part A, Part B, and usually Part D coverage into one plan. They may also offer additional benefits like vision, hearing, and dental services.
How they work: Medicare Advantage plans require you to use doctors and hospitals in their network for non emergency or non urgent care, but you can also use any Medicare approved provider that accepts the plan’s payment terms. You may pay more if you go out of the network.
Costs: Medicare Advantage plans may require you to pay monthly premiums, deductibles, copayments, and coinsurance. Some plans may have a $0 premium or help pay all or part of your Part B premiums.
Eligibility: You can join a Medicare Advantage plan if you have Part A and Part B. However, joining an MA plan might cause you to lose your employer or union coverage.
Enrollment: You can enroll in an Medicare Advantage plan during the Open Enrollment Period. If you’re already enrolled, the Open Enrollment Period is January 1–March 31. If you’re new to Medicare, the Open Enrollment Period runs from the month you’re eligible to enroll in Part A and Part B until the last day of the 3rd month you’re eligible.
If you need assistance in evaluating your current plan, please reach out to me for a free consultation as I’m here to help you navigate and find the most appropriate plan which fits your needs.
