What is Medicare Advantage?
When you become eligible for Medicare, the plan choices available can be overwhelming. One of the newer options available is called a Medicare Advantage plan.
Medicare Advantage is also known as MA or MAPD or Part C plans. This is an alternative to a Medicare Supplement plan, and should be reviewed carefully to determine whether this is the right plan for you.
How does the Medicare Advantage plan differ from a Medicare Supplement, or Medigap, plan?
The Medicare Advantage plan is offered through private insurance companies and is approved by Medicare.
With Medicare Advantage, the benefit to you is the cost: There are many plans available with a $0 monthly premium. This is in contrast with the cost of a Medicare Supplement plan that can cost upwards of $200 per month, depending on the plan and the insurance carrier you choose.
The plan can include a prescription drug program (Part D).
There is no deductible under a Medicare Advantage plan. Most services are offered under a co-pay. The co-pay can differ depending on what services you receive.
Also, in exchange for the lower cost of a Medicare Advantage plan, you will need to select doctors who participate in the insurance company's provider network in order to receive their services at the lower co-pay amount. Some Medicare Advantage plans, known as PPOs, will allow you to see physicians out of network, as long as they accept Medicare. The co-pays for out-of-network physicians are always higher.
Just as with Medicare Supplement plans, Medicare Advantage plans require that you be enrolled in Medicare Parts A and B.
Call us today at the Provident Insurance Agency (770.499.2040), and speak with one of our licensed agents to determine which type of Medicare plan is right for you!