Ever wonder what is a Medicare Advantage Plan? A Medicare Advantage plan is a type of medical plan in which private insurance companies contract with Medicare to offer supplementary benefits that Original Medicare is not able to provide.
Seniors who feel that Original Medicare is not sufficient to cover for their health need to find the plan more helpful to cater for their medical bills.
Who Can Enroll in Medicare Advantage?
The Medicare Advantage plan is essentially meant for seniors who have attained the age of 65 years. One can sign up for the plan three months before the 65th birthday up to the next three months after their birthday. This window is called the open enrollment window, and one stands to enjoy direct approvals of any preexisting condition.
If you miss this period, then you can wait to enroll during the official enrollment period, which starts from October 7th and ends on December 15th each year. During this time, there is no assurance of a preexisting condition being approved, or. You can be forced to pay extra charges for the same.
You should also ensure that as you sign up for the Medicare advantage plan, you do not have another plan that can overlap with it, such as the Medigap plans. However, to access the Medicare Advantage, you must sign up to be a member of the Original Medicare plan as a base for this plan.
How Well Will It Cover You?
Medicare Advantage plan is a higher coverage that covers for those expenses that Original Medicare does not cover. These are guaranteed benefits for any member who signs up for the plan, and they include Medicare Part A benefits, Some Medicare Part B benefits, Emergency medical care, and urgent medical care.
Since the plans are extensive, one is at liberty about choosing the plan that fits the medical needs. It also depends on one’s pocket since they range from a high coverage to low coverage,
With Medicare Advantage plans, you can also enroll for Medicare Part D drug coverage, which covers for doctors’ prescription, and it will play a significant role in taking care of the pharmacy costs. With a part D plan, in most cases, you will pay only$1 for a drug refill, which is an unimaginable saving.
Other benefits associated with Medicare Advantage plans are the medical tests, x rays, dental visits, and also prescription for new eyeglasses. However, this is based on the level of coverage that you have signed up for.
The Cost of Medicare Advantage
Medicare being the contracting company to the private insurance company gives a basic coverage so that the insurers can have an overview of what it entails. However, it does not provide for the costing, and as such, each company has its way of arriving at their costs.
Our site has collected a list of quotes for most insurance companies and the coverage they offer. You can use it to understand more about the costs and enable you to make a firm decision. You only need to enter your zip code so that you get filtered results for your area and at a faster rate.
However, the average cost of a Medicare advantage plan is $150, though some companies charge higher and others lower. Since our site has all this information, we would be happy if you would have a look at them and get a list of several quotes before deciding. Some companies will give $0 premiums but charge more on the annual deductibles, which is generally a good plan if you are looking for long term health coverage.
Still, this is not enough, but it’s good to know that some of these companies can go for as high as $300, but all this is dependent on what a senior wants and the budget at hand.
Who Is Selling Medicare Advantage?
Several reputable companies have been offering Medicare Advantage plans, and we will discuss briefly on some of them here below.
Mutual of Omaha is a company that has been in the industry since 1965 and has all the experience, and has become a reputable company due to its affordable costs and excellent customer service to its members.
Cigna is one of the largest insurance companies in the country, and is well known for exceptional customer perks, competitive rates, and excellent customer service, including international insurance options.
AARP/United healthcare stands to be another company with wide network coverage in the United States and a wide range of perks like the gym membership and the diet plans. Besides, it has contracted thousands of medical doctors to ensure that their members get value for their money during hospital visits.
Blue Cross Blue Shield is a company that cannot be ignored because of its low rates since it works as a nonprofit company. Its customer service is excellent, and many seniors feel appreciated being part of the company.
There are numerous other companies, and our site will help you to reach out to more of these as you make a final decision.
Can I Use Medicare Advantage Everywhere?
Just as Original Medicare, Medicare Advantage works in almost a similar manner. If you visit a doctor who is not under this network coverage, then you stand to pay the bills on your own.
However, you can sign for extra options such as HMO Medicare Advantage plan or The PPO.
These plans help one to access Medicare advantage plans as off-network plans. HMO will work well when you are inside the network as opposed to PPO, which is desirable for those seniors who live in rural areas, or could be traveling a lot and could be off-network at many times.
These are expensive plans, but they are a better deal than paying for the medical expenses from the pocket.
If not sure of the available options for Medicare Advantage Plans, do not hesitate to give us a call and we will be happy to support you even as you work towards meeting your medical plans at a reasonable budget.