Medicare Advantage is regarded as a Medicare plan that private insurers offer, and they have a contract with Medicare. Medicare Advantage Plans are also called Medicare Part C plans, and they provide prescription drug, outpatient, and hospital coverage. Thus, they supplement the benefits that patients get under Medicare Part A, Medicare Part B, and Medicare Part D. A person who joins a Medicare Advantage Plan while having Medicare continues to pay the premiums for Medicare Part B besides the charges that the plan charges. Commonly, MA plans have a lower out-of-pocket cost compared to the original Medicare.
The coverage of Medicare Advantage Plans
If you opt for Medicare Advantage Plans 2024, you will get the coverage that Medicare Part A and Part B offer. Medicare Part A covers hospital coverage, whereas Medicare Part B encompasses doctors’ services. A few MA plans include some other benefits too that traditional Medicare does not cover, and these benefits and plans do vary by the company that proposes the plan. Medicare Advantage plans that cover dental implants are available, but coverage can vary depending on the specific plan and the individual’s needs.
The companies that offer MA Plans
You will find several well-known companies that are offering MA Plans, including United Healthcare, Humana, Aetna, WellCare, Blue Cross Blue Shield, and Cigna.
The kinds of MA plans
If you want to take benefits of the Medicare Advantage Plans, you will be required to know all about them. Some well-known types of MA plans are:
- HMO– HMO is the acronym for Health Maintenance Organization, and this plan covers services and care that providers provide within a specific network. Now, if you need care that is not within the network, you will need to pay the whole bill. Commonly, this plan covers prescription medication.
- PFFS– PFFS means private fee-for-service, and this plan might be network-based or, at times, might not be network-based. This plan needs an out-of-network provider to accept the terms and conditions of the plan and Medicare reimbursement. Sometimes, PFFS plans do not comprise coverage for prescription medication.
- MSA– MSA or Medicare Medical Savings Account offers plans that integrate high-deductible plans with some committed savings accounts. However, MSAs do not comprise coverage for prescription medication.
- SNP– SNP is the full form of a Special Needs Plan, and it caters to patients who suffer from some kind of chronic condition, such as diabetes. This plan also assists people who are qualified for both Medicaid and Medicare, as most social workers or healthcare providers recommend this plan.
Conclusion
People hugely benefit from various kinds of Medicare Advantage Plans, but they need to make comparisons between different plans before they choose one. Among various MA plans, HMO plans are the most popular choice. These plans help people save money, though they pose some restrictions. People tend to compare various MA plans like PFFS, PPO, and some lesser common plans. This way, they find the option that caters to their requirements extremely well. If you are thinking about enrolling in an MA plan, you should be mindful that its coverage benefits and costs do not remain constant. Hence, you need to weigh all your options well before you enrol yourself.
