What is Medicare Advantage?
In 2016 over 17 million Americans were enrolled In a Medicare Advantage plan.
So, you’re probably asking, what is Medicare Advantage?
In a nutshell?
There are three distinct types of private health insurance products offered through Medicare-approved insurance companies.
They’re designed to either go along with Original Medicare, or replace it.
Medicare Advantage is one of those.
Medicare Advantage Prescription Drug plans combine your Part A Hospital, Part B Medical, and Part D Prescription Drug coverage into a single health insurance plan.
Medicare Advantage Prescription Drug Plans must offer the same benefits as Original Medicare, Part A & B, as well as the minimum Part D benefit.
But, they also have to limit your out-of-pocket costs.
And many include extra benefits, like and coverage for routine dental and vision care.
So, why might someone choose Medicare Advantage over “Original Medicare?”
These are three common reasons we hear
– First, for many people it’s just nice to have hospital, medical and prescription drug coverage – all in one plan.
– Second, in most places, there are Medicare Advantage prescription drug plans available at no additional cost – some plans require an additional monthly premium, but not all
– And third, because they’re required to limit your yearly out-of-pocket costs.
– Original Medicare doesn’t have the same limit.
Sometimes people ask, what if I don’t like my Medicare Advantage prescription drug plan?
• You can switch to another, or go back to Original Medicare during the annual enrollment period – October 15 to December 7.
If you still have questions about Medicare Advantage, do a little research to see if Medicare Advantage might be right for you.
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