Medicare Advantage Plan is offered by a private company approved by Medicare and is a type of a healthcare plan that comes under Medicare. Medicare advantage plans provide both the Medicare Part B and A benefits including the following plans:
- Health Maintenance organization plans: HMOs allow you to only visit hospitals, doctors, and other health care providers that belong to the plan’s network. To see other specialists or doctors, your primary care doctor will need to give you a referral.
- Private Fee for Service plans – As long s the plan’s payment terms are agreed upon, you can visit any hospital, doctor and health care provider to receive care. A PFFS plan determines how much you will have to pay to get care, and how much the plan will pay hospitals, health care providers, and doctors.
- Preferred Provider Organization plans: For this type of a plan, you pay more if you visit a doctor, hospital or a health care provider outside the plan’s network, and pay less if they are a part of the plan’s network.
- Special Needs plans: SNPs offer specialized and focused health care for certain people, for instance those who suffer from chronic health conditions or nursing home patients.
- Medical Savings Account plans: MSA plans usually combine a bank account with a highly deductible healthcare plan. In this plan, money is deposited into the account by Medicare which can be used to pay off health care services fees during the year. You must be aware that MSA plans don’t provide drug coverage.
The question may arise of who can be a part of the Medicare Advantage Plan? Well, you must live in the service area of the plan and have both Medicare Part A and B to be able to join. It is worth noting down that people suffering from final stage renal disease generally cannot join a Medicare Advantage Plan.
- What is the cost of a Medicare Advantage Plan?
If you are enrolled in a Medicare Advantage Plan, you should pay a monthly premium for the services offered by the Medicare Advantage Plan, in addition to the Part B premium. Different cost for services and premiums are charged by each of the Medicare Advantage Plan, so it is important to draw a comparison between the plans offered in your area and have a thorough understanding of each plan’s benefits and costs before you decide to join.