by Bob Evenson, Contributor
Medicare Advantage Plans, also called ‘Part C’ Plans, are private insurance Plans approved by Medicare. With a Part C Plan, Medicare pays a fixed amount to the insurance company each month and the insurance company assumes all the risk associated with your healthcare. If you join a Medicare Advantage Plan, you are still enrolled in Parts A and B, or Original Medicare. However, your coverage will be through the Medicare Advantage Plan and not Orginal Medicare.
Medicare Advantage Plans must follow all the rules set by Medicare and must contain all the benefits of Part’s A and B. Medicare Advantage Plans may offer additional benefits such as dental, vision, hearing coverage and gym memberships. Prescription drugs may or may not be included in the plan. Like Original Medicare, your Plan will most likely have deductibles and co-payments. In addition, there is usually some kind of provider networks as well.
Medicare Advantage Plans may have a monthly premium and contain an out of pocket limit on claims. Out of pocket amounts can be different for in network and out of network providers. However, you’re always covered for emergency and urgent care.
Part C, just like Part D, has an open enrollment period each year. This gives the beneficiary the opportunity to evaluate the plans available for the up coming year. The Medicare Advantage Plan can make adjustments from year to year concerning premiums, benefit coverages, participating physicians and pharmacies to name a few.
Medicare Part C, another option for beneficiaries to choose. With the help of a qualified advisor, a Medicare Advantage Plan may be the choice for you.
Century Health Solutions is a subsidiary of Stormont Vail Health, Topeka and provides free Medicare Educational Seminars. We are your local expert in Medicare insurance planning and will help you find the best option for your personal situation. Call us at 785-270-4593 with questions or to sign up for a free seminar. Our business hours are Monday-Friday, 8:00am-4:30pm.