Medicare Advantage Plans Explained from A to Z

Medicare Advantage Plans are Medicare Health Insurance Plans which are approved by Medicare and are provided by various top Medicare companies like Aetna, Humana, Coventry, Cigna and many others. The rules for Medicare Advantage Plans are set up by Medicare and are levied on the private companies that offer these plans.

Medicare Advantage Plans are often addressed as Medicare Part C Plans. These Advantage Plans tend to combine Medicare Parts A and B into one Medicare Health Insurance plan that offers all the services similar to Original Medicare. Sometimes these plans also offer Medicare Part D prescription drug coverage.

Who can Enroll in Medicare Advantage Plan?
Not everyone is able to join Medicare Advantage Plan. In case you want to enroll yourself in a Medicare Advantage Plan, you ought to be:

• eligible for Medicare,
• a part of both Medicare Part A and Part B,
• living within the Plan’s service area,
• not suffering from kidney failure

For instance, if you and your friend have Medicare Parts A and B, but reside in different countries; your friend could be eligible for Medicare Advantage Plan in case he has Medicare Part D prescription drug coverage with $0 monthly premium. Nevertheless, the same Medicare Advantage Plan along with Part D prescription drug coverage may not be available in your country.

Always keep in mind that Medicare Advantage Plan is different from Medicare Supplement Insurance. A Medicare Supplement Insurance plan works in addition to the Original Medicare whereas a Medicare Advantage Plan works in place of the Original Medicare.

Do you Lose your Original Medicare Parts A and B in case you Enroll in a Medicare Advantage Plan?
The answer to this question is No. Once you have registered yourself under Advantage Plan from Medicare, the private Medicare companies providing these plans would takes care of the operational procedures to implement the benefits of Medicare. Nevertheless, you don’t loose coverage under traditional Medicare.

The best part about these plans is that in case at some point you wish to leave your Medicare Advantage Program, you can easily roll back to the traditional Medicare Parts A and B coverage at the time of AEP.

How can you Choose a Medicare Advantage Plan?
In case you are planning to enroll in Medicare Advantage Plan, it is important for you to compare Medicare benefits provided by your present Medicare Health Insurance plan and the Medicare Advantage Plan.

Make it a point to understand their benefits carefully. Normally, people tend to look at the coverage, cost, reputation of the Company, convenience etc. In essence, make sure you take the following points in consideration:

• Can you change your present physician or are they a part of the new plan’s network?
• In case Medicare Part D prescription drug coverage is offered, are your medicines on the plan’s formulary?
• How much insurance premium is to be paid every month?
• How much will the Medicare insurance coverage cost?
• What additional benefits are offered to you such as dental care, eye check-up, preventative care and membership in health club.
• Are there any Medical treatments which are not a part of your Medicare Advantage Plans?
• Can you work within the network restrictions like giving out extra money when you visit a physician or hospital that is out-of-network?|
  

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