An introduction to Medicare Advantage plans
Buying an adequate and affordable insurance coverage can be a daunting task. There are lots of options, but not all are okay for every individual. Medicare Advantage plans have become popular since the policies were first introduced in 1997. Also known as “MA Plans” or “Part C,” these programs are part of Medicare. If you are 65 years of age or older, it will be of great benefit to carefully evaluate whether this program is right for you and to compare its benefits with other health insurance programs.
When it comes to Medicare advantage plans 2020 you will have to choose between the original Medicare programs or the Medicare benefit plans. An easy method to choose between the two types of programs is to determine if you want to offset the costs of prescription drugs. In many cases, those who require prescription drugs opt for original Medicare because it covers the cost of prescription drugs in Part D of the program. On the other hand, the benefit plan does not cover the cost of prescription drugs. Keep in mind that, for an additional cost, you can add prescription drug coverage to benefit plans. However, you cannot add Medigap Insurance to the plan. Medigap is a type of insurance policy that covers aspects of your health insurance that are not covered by the original Medicare plan.
So what benefits do benefit plans offer? Unlike Medigap Insurance, an advantage plan is not complementary insurance. Instead, this type of insurance is offered by private insurance companies that work with Medicare to cover all cost bases. In other words, your Medicare plan will be managed by the private insurance company and you will remain enrolled in your Medicare program. The cost advantage is that you don’t have to pay the extra costs of a supplemental plan. Many benefit plans are free for people over 65 who are already enrolled in Medicare Part B, or at least offer a cheaper way to pay all medical costs.
Since many people cannot afford the high cost of supplemental insurance, benefit plans offer an affordable alternative. These programs require a lower monthly premium as long as the plan beneficiary agrees to use a defined network of health care providers and share some copies of the services. The choice between these different types of plans will depend on how much you can pay each month, your personal medical needs and the understanding of the stipulations established by the individual insurance plans available in your state.