5 Reasons Medicare Advantage Plans Deserve a Second Look

Understanding Your Medicare Coverage Options

When you first sign up for Medicare, you have an important decision about how to get your coverage. Your options can differ in cost and what services are covered.

One option is Original Medicare, which has two parts: Part A (Hospital Insurance) and Part B (Medical Insurance). But Original Medicare doesn’t cover everything. Also, if you want prescription drug benefits, you’ll need to enroll in a separate Medicare Prescription (Part D) drug plan.

Another option is a Medicare Advantage plan (also known as Part C). This is a type of Medicare plan offered by private insurance companies. These plans contract with Medicare to offer your Part A, Part B and, in many cases, Part D benefits, along with some benefits that Original Medicare doesn’t cover.

Here are a few other big things to know about Medicare Advantage plans:

1. A plan can cost as little as $0 a month in premiums. Health care costs keep rising. If lowering out-of-pocket expenses is a priority, you can choose plans with $0 monthly plan premiums. Plus, every Medicare Advantage plan includes all of your Medicare Part A and Part B benefits, and most include Part D prescription coverage.

2. All plans are not the same. While all Medicare Advantage plans must include your Medicare Part A and Part B benefits, they can have big differences in provider networks, prescription drug coverage and premiums. Medicare Advantage plans can also vary in their extra benefits, like dental coverage, fitness reimbursements and over-the-counter allowances.

3. Plans are never based on health status. Plan premiums depend on the method you choose. They can’t be based on age or health status: It’s the law. But you can choose from plans that offer special benefits, like management for chronic conditions like diabetes or heart disease, or plans designed only for beneficiaries who are eligible for both Medicare and Medicaid.

4. Some plans offer routine dental, vision and hearing care benefits, plus extra benefits that might make your friends and kids jealous. You might expect to find plans that provide routine dental, vision and hearing benefits. But some plans also offer less-expected benefits to help you stay healthy, like hundreds of dollars in allowances to buy over-the-counter health-related products, or money toward acupuncture, fitness and transportation to medical appointments.

5. You have access to more doctors than you think. The fastest-growing type of Medicare Advantage plan is the PPO plan. It usually gives you an extensive network and the ability to go out-of-network for your medical services (though your out-of-pocket costs may be higher). With most PPO plans, you don’t need a referral to see a specialist.

   There are also HMO plans that have a smaller network of doctors. But you’re always covered for an emergency or urgent care situation.

Getting Started: Your Medicare Advantage Checklist

Which plan is right for you? Start by asking yourself the following:

• Is my doctor in the plan?
• Are my prescriptions covered by the plan?
• What is the monthly plan premium?
• What are the out-of-pocket costs for the benefits I think I’ll use the most?
• What extra benefits do I get?
• If I travel – will my benefits travel with me?
• Is this a company I know and trust?

For more info about Medicare Advantage plans, visit Medicare.gov. To learn more about Medicare Advantage plans from affiliate Braven Health, visit BravenHealth.com.