Medicare Advantage Plan Is A Popular Way
Guide To Selecting A Medicare Advantage Plan is important for you and your family. This is why it is a good idea to review options with your trusted healthcare advisor. Your advisor will have a clear understanding of your health history and ongoing treatment, as well as a deep knowledge of the Medicare Advantage offerings available in your area.
Medicare Advantage Plans (Part C) are offered by private companies that contract with Medicare to provide some or all of your Part A and Part B coverage. In exchange, the plan charges a monthly premium and usually has limits on how much you’ll pay per service. You’ll still pay the Medicare Part B deductible and any additional plan copayments or coinsurances. Many Medicare Advantage plans include prescription drug coverage, as well.
When you choose a Medicare Advantage plan, make sure to carefully compare costs and benefits. Consider the providers and hospitals you see frequently, the medications you take, and any upcoming health needs. Also, remember that plan costs and benefits can change annually. Taking the time to compare plans now could save you money in the future.
Each year, Medicare Advantage plans set their own rates for premiums, deductibles, coinsurance, and copayments. Each plan has its own network of healthcare providers and may be different from others in your area. Medicare Advantage plans can be a great option for those with complicated medical histories or who often need to visit specialists and hospitals. However, it’s important to understand that these plans don’t replace Original Medicare and you’ll still need a Medigap plan to help cover your out-of-pocket costs.
If you decide to join a Medicare Advantage plan, it’s important that you enroll during the open enrollment period from Oct. 15 to Dec. 7. If you don’t, you’ll have to wait until the next open enrollment period to switch to a new plan. During this time, you can choose any Medicare Advantage plan available in your area and your new coverage will start Jan. 1 of the following year.
Most Medicare Advantage plans require that you get prior approval, or authorization, for certain treatments and services. These decisions are based on medical research and the standards of care. However, not all doctors will agree with these choices. Some will ask you to choose another doctor or treatment option, while other may not agree and refuse to provide the service or medication requested.
You can also disenroll from your Medicare Advantage plan at any time throughout the year if you’re not happy with the coverage you have. You can do this by giving or faxing a written notice to your Medicare Advantage organization or calling 1-800-MEDICARE. If you do disenroll, your Medicare Advantage coverage will terminate on the first of the month after you give or fax your notice.
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