Medicare Advantage plan, similar to a PPO or HMO or PPO, is a type of Medicare plan available to Medicare participants. This option is also called Medicare Part C. Such plans are available through private health insurance companies approved by Medicare.
By participating in a Medicare Advantage Plan, each participant will receive substantially all Medicare Part A or Hospitalization Coverage, and Medicare Part B or Physicians Coverage. As a matter of fact, Medicare Advantage Plans are expected to cover all benefits that Original Medicare covers, with the exception of hospice care. This is because even if the participant has signed up to Medicare Advantage Original Medicare still covers for hospice care.
Do you need to change your Medicare Advantage plan?
Medicare beneficiaries have access to a wide range of health and medical insurance options. The plans vary widely from one company to another and from location to location. For those already enrolled in a Medicare Advantage Plan, the question is: Should you be looking for a new plan for 2018?
If you are thinking of changing plans, below some important considerations:
Are all your doctors going to be part of the network of the new plan? Some people do not mind switching doctors if it will save them money. Others are afraid of changing doctors. Remember this, when you switch to a new plan.
How will your current medications fall under the plan you are looking at? If you only take generic medicines, you should not have a problem – but branded medicines can be covered differently from one plan to another. According to various plans, co-pay for the same drug brand name can be dramatically different. This can add up to hundreds of dollars every year.
What do local health experts think about the plans in your locality? Actually, a good person to ask is the receptionist in your doctor’s office. They usually know which plan the doctors have. The most common complaint is how difficult it is to get approval for tests and procedures. Doctors and their staff are frustrated by some plans due to difficulties and delays in issuing “prior permits”. Getting insider information can be valuable in your decision-making. Get a 2020 supplement plan to save money.
There are many things to consider when evaluating Medicare Advantage plans during this year’s annual filing period. Keep in mind that the annual registration period for this year is from 15 October to 7 December.
There are some exceptions to changing plans outside of the Medicare Annual Registration Period. If you move, you might be able to change plans or, if for any reason, your plan is terminated .Some Medicare Advantage and Medicare Part D plans exist which you can change at any time during the year. You can change at any time within the year, if you have a Medicare supplement plan.
You can compare plans available in your area and even sign up for a new plan if you decide to visit Medicare.gov or call 1-800-MEDICARE.
Alternatively, many people appreciate a helping hand in assessing their decisions.