Also known as Medicare Part C, Medicare Advantage plans provide an alternative to what is generally known as original Medicare. Original Medicare is comprised of Medicare Part A, which covers expenses related to hospitalizations, and Part B, which provides coverage for doctor visit expenses, lab testing fees, and costs associated with preventative health screenings. Medicare Advantage is comprised of both Part A and B coverage as well as Part D, which covers prescription drugs. There are many benefits to enrolling in a Medicare Advantage plans. Learn more in today’s blog.
What Are the Benefits of Medicare Advantage Plans?
Medicare Advantage plans are offered by private insurance companies whereas original Medicare is a government program. Because Medicare Advantage plans are regulated by the federal government, they are required to offer the same coverage as original Medicare. The difference comes from how this coverage is offered. The specifics of each program will depend on the Medicare Advantage plan that you ultimately choose but in general, these are considered to be the major benefits of enrolling in a Medicare Advantage plan rather than original Medicare.
Spending caps on out-of-pocket expenses
One of the greatest benefits offered by Medicare Advantage plans is the fact that it caps your out-of-pocket spending. With a spending cap in place, once you reach a certain limit you are no longer responsible for paying for additional expenses. This limit can change between plans and may change year-to-year so it is important to annually review your coverage before renewing your plan to ensure you won’t face unexpectedly steeper costs.
Most Medicare Advantage plans provide services that aren’t covered by original Medicare. While these benefits vary by plan, services can include dental, vision, and assisted living care.
Prescription drug coverage
With original Medicare, you must sign up for Part D if you want prescription drug coverage, whereas Medicare Advantage plans almost always offer this benefit as a standard part of their benefits package.
Interested in learning more about Medicare Advantage Plans? Global Premier Benefits can help.
Global Premier Benefits offers education for seniors on healthcare options available to them that could improve their quality of life and defray their healthcare costs as well. We have agents and clients in more than 16 states, including the District of Columbia. Our goal is to enable seniors to live healthy, rewarding lives without compromising their finances. Please follow us on our blog for weekly information on seniors and health care. You can also keep up with Global Premier Benefits on Facebook, Twitter, Google+, YouTube, and Pinterest.
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