3 Questions About Medicare Advantage Insurance For Seniors Answered
Is a Medicare Advantage plan the right choice for your healthcare insurance needs? Before you buy a new plan, take a look at what you need to know about senior Medicare options, insurance, medical costs, and your coverage.
What Is A Senior Medicare Plan?
More specifically, what is a senior Medicare plan, and is it different from Medicare Advantage plans? Medicare is only available to seniors and some younger adults with medical conditions such as ALS, end-stage renal disease, or some types of qualifying disabilities.
Medicare is not one comprehensive insurance plan that covers every medical need. Instead, this type of federally-funded insurance includes several different parts. Part A is hospital insurance. Most seniors will not pay for this Medicare part. Part B is doctor's office or medical insurance. This part has a standard premium that can change by the year.
In 2023 the monthly premium for most seniors on Part B is $164.90, according to the U.S. Centers for Medicare and Medicaid Services. Seniors who have a higher adjusted gross income than the allowable annual limit may also need to pay an Income Related Monthly Adjustment Amount (or IRMAA).
Neither Part A nor Part B will pay for prescriptions. You will need a separate part, Part D, to cover prescription costs. If you want a plan that bundles hospital, medical, and prescription coverage together, an Advantage plan is an option to explore. Advantage plans are also commonly known as MA or Part C Medicare.
What Do You Get With An Advantage Plan?
The answer to this question depends on which type of plan you choose. MA plans include Health Maintenance Organizations (HMOs), Preferred Provider Organizations (PPOs), Special Needs Plans (SNPs), Medicare Medical Savings Accounts (MSAs), and Private Fee-for-Service Plans (PFFS).
All MA plans should cover anything that original Medicare (Parts A and B) would pay for. This includes physical and mental health hospital and doctor's office expenses that are medically necessary. While these plans are comprehensive and cover much more than just Part A or just Part B would, Advantage plans won't pay for hospice-related expenses or experimental treatments.
Does the Government Offer Advantage Plans?
No, Advantage plans are not government insurance. Even though the federal government funds Medicare, you must buy a Part C or Advantage plan from a private insurer. Contact your existing insurance provider or ask a licensed agent to help you research MA plans available in your local area.
For more information on Medicare Advantage plans, contact a professional near you.
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