• Medicare Insurance
  • The Basics of Medicare Advantage Plans | What They Are, How They Work, and Who They

The Basics of Medicare Advantage Plans | What They Are, How They Work, and Who They

Written by Qanaria Team
Updated January 10, 2023

Privacy Secured | Advertising Disclosures
Read 375 times

Woman Standing Beside Another Facing Body of Water

What is a medicare advantage plan, how does it work, and who is it for? let’s answer some of the most pressing questions regarding these plans.

To be eligible for a Medicare Advantage plan, you must be enrolled in both Medicare Part A (hospital insurance) and Part B (medical insurance). You must also live in the service area of the plan you are considering.

If you are enrolled in a Medicare Advantage plan, your coverage will be provided by a private insurance company rather than the federal government. You will still have to pay your Medicare Part B premium, as well as any additional premium required by the Medicare Advantage plan.

Medicare Advantage plans, also known as Medicare Part C, are an alternative to Original Medicare (Medicare Part A and Part B) that is offered by private insurance companies. These plans provide all the benefits of Original Medicare, as well as additional benefits that Original Medicare does not cover, such as dental, vision, and hearing coverage.

Types of Medicare Advantage Plans

There are several different types of Medicare Advantage plans, including:

  • Health Maintenance Organizations (HMOs)
  • Preferred Provider Organizations (PPOs)
  • Private Fee-for-Service (PFFS) plans
  • Special Needs Plans (SNPs)
  • Medicare Medical Savings Account (MSA) plans

Each type of plan has its own specific rules and coverage details, so it's important to carefully consider which type of plan is right for you.

Benefits of Medicare Advantage Plans

One of the main benefits of Medicare Advantage plans is that they often offer additional benefits beyond what is covered by Original Medicare. These can include:

  • Dental and vision coverage
  • Hearing aids and hearing exams
  • Fitness memberships
  • Prescription drug coverage
  • Transportation to medical appointments

In addition, many Medicare Advantage plans offer a cap on out-of-pocket expenses, which means that you will only have to pay a certain amount for your healthcare each year before your plan covers all of your costs.

Drawbacks of Medicare Advantage Plans

While Medicare Advantage plans can offer additional benefits, there are also some drawbacks to consider. One of the main drawbacks is that you may have more limited provider choice with a Medicare Advantage plan compared to Original Medicare. This is because many plans require you to see providers within their network, and may not cover care received from out-of-network providers.

Another potential drawback is that Medicare Advantage plans may not cover certain services that are covered by Original Medicare, such as hospice care or skilled nursing facility care. It's important to carefully review the coverage details of any Medicare Advantage plan you are considering to make sure it meets your needs.

Who is Eligible for a Medicare Advantage Plan?

To be eligible for a Medicare Advantage plan, you must be enrolled in both Medicare Part A and Part B and live in the service area of the plan you are considering. In addition, you cannot have the end-stage renal disease (ESRD) or certain disabilities, although there are some exceptions.

It's also worth noting that you can only enroll in a Medicare Advantage plan during certain times of the year. The annual enrollment period for Medicare Advantage plans is from October 15 to December 7, and you can also enroll during the Medicare Advantage Open Enrollment Period from January 1 to March 31 each year.

Summary

Medicare Advantage plans are an alternative to Original Medicare that is offered by private insurance companies. These plans provide all the benefits of Original Medicare, as well as additional benefits such as dental and vision coverage. There are several different types of Medicare Advantage plans, including HMOs, PPOs, PFFS plans, SNPs, and MSA plans. While Medicare Advantage plans can offer additional benefits, they may also have limitations on provider choice and may not cover certainservices that are covered by Original Medicare. To be eligible for a Medicare Advantage plan, you must be enrolled in both Medicare Part A and Part B and live in the service area of the plan you are considering. You can only enroll in a Medicare Advantage plan during certain times of the year, such as the annual enrollment period from October 15 to December 7 or the Medicare Advantage Open Enrollment Period from January 1 to March 31.

It's important to carefully consider your healthcare needs and budget when choosing a Medicare Advantage plan. Make sure to review the coverage details and any exclusions or limitations of any plan you are considering. It may also be helpful to compare different plans to find the one that best meets your needs.

If you are interested in learning more about Medicare Advantage plans and finding an option that works for you, be sure to check out the offers below. These offers provide access to a variety of Medicare Advantage plans from top insurance companies, allowing you to compare your options and find the plan that is right for you. Don't wait, take advantage of these offers today and secure the healthcare coverage you need for the future.


You may also be interested in


Sign up for Newsletter to take advantage of campaigns and opportunities.

Join Now
Thank you. You are registered to the list. You are already registered on the list.

Advertising Disclosures

We believe everyone should be able to make financial decisions with confidence. And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free.

So how do we make money? Our partners compensate us. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services. Here is a list of our partners.