Frequently Asked Questions About Medicare Advantage Plans
February 2, 2021 | Todd Lewison
Are you currently enrolled in a Medicare Advantage Plan or are you thinking of joining a Medicare Advantage Plan? Here are the top questions we receive about Medicare Advantage Plans and what you need to know about them before signing up.
What is a Medicare Advantage Plan?
A Medicare Advantage Plan is a health plan that is offered by a private insurance agency and provides all of the benefits of Part A and Part B Medicare. In most cases, a Medicare Advantage plan also offers Part D drug prescription coverage. It’s designed to “fill in the gaps” left by Medicare alone between coverage and actual needs.
Is a Medicare Advantage Plan Better Than Original Medicare?
The answer to that question is: it depends on your needs. The reason why some people choose a Medicare Advantage Plan is because the coverage offered under Medicare is not sufficient for their needs. If you have a chronic condition, frequently visit the doctor, need prescription drug coverage or just require more care that Medicare accounts for, this can be an attractive option.
Some people chose a Medicare Advantage Plan because, for them, that plan is more affordable than signing up for Medicare and then a supplement plan to fill in gaps. Deciding if you want a Medicare Advantage Plan is best decided through careful thought and a conversation with a dedicated agent.
What does a Medicare Advantage Plan Include?
A Medicare Advantage plan includes Preferred Provider Organizations (PPO), Health Maintenance Organizations (HMO), Private Fee-for-Service plans (PFFS), Special Needs plans (SNP) and Medicare Medical Savings Account plans (MSA). You can find the full range of coverage options on the Medicare website. It can also include dental, vision, hearing and/or drug coverage. In short: a Medicare Advantage Plan can include as much or as little as you need it to.
What Services do Medicare Advantage Plans Cover?
A Medicare Advantage Plan must provide all of the benefits of Original Medicare and have a maximum out of pocket (MOOP). Original Medicare does not have a cap on out-of-pocket costs or a MOOP. They may offer additional coverage such as dental, hearing, vision, prescription drug coverage (Part D) and/or health and wellness programs.
A Medicare Advantage plan typically provides urgent care and emergency coverage both inside and outside the plan’s service area in the United States. Keep in mind that when you sign up for a Medicare Advantage plan, you are required to continue paying your Part B premium.
A Medicare Advantage Plan can help fill the gaps in coverage you need. Twin City Underwriters offers Medicare Advantage Plans through the various carriers. Contact us today for more information and to see if a Medicare Advantage Plan is right for you.