What is a Medicare Advantage Plan?
A Medicare Advantage Plan, also known as Medicare Part C, is an alternative to Original Medicare. Offered by private insurance companies like Humana, Aetna, and Blue Cross Blue Shield, these plans provide all Part A (hospital insurance) and Part B (medical insurance) benefits. Many Medicare Advantage Plans also include Part D (prescription drug coverage), along with additional benefits such as vision, hearing, and dental services.
How do Medicare Advantage Plans differ from Original Medicare?
Medicare Advantage Plans differ from Original Medicare in several key ways. While Original Medicare is provided directly by the federal government, Medicare Advantage Plans are offered by private insurers like UnitedHealthcare, Kaiser Permanente, and Cigna. These plans often include additional benefits not covered by Original Medicare, such as wellness programs, gym memberships, and over-the-counter drug allowances. They may also have different cost structures, such as lower out-of-pocket costs but more restrictive provider networks.
What are the costs associated with Medicare Advantage Plans?
The costs of Medicare Advantage Plans can vary based on the specific plan and provider. Typically, you will continue to pay your Part B premium in addition to any premium charged by the Medicare Advantage Plan. Some plans, such as those offered by Anthem and WellCare, may have low or zero premiums but include copayments, coinsurance, and deductibles. Additionally, many plans have an out-of-pocket maximum, which can provide financial protection against high medical expenses.
Can I switch from a Medicare Advantage Plan back to Original Medicare?
Yes, you can switch from a Medicare Advantage Plan back to Original Medicare during certain times of the year. The Annual Enrollment Period (AEP), from October 15 to December 7, allows you to make changes to your Medicare coverage. Additionally, the Medicare Advantage Open Enrollment Period (MA OEP), from January 1 to March 31, offers another opportunity to switch back to Original Medicare or change to a different Medicare Advantage Plan. Providers like Aetna and Humana can assist you in making these changes.
Are prescription drugs covered under Medicare Advantage Plans?
Many Medicare Advantage Plans include prescription drug coverage, known as Medicare Advantage Prescription Drug (MAPD) plans. Providers such as Blue Cross Blue Shield, CVS Health, and Humana offer these plans, which cover a range of prescription medications. It's important to review the plan's formulary, or list of covered drugs, to ensure that your medications are included. If your plan does not include drug coverage, you may need to enroll in a separate Medicare Part D plan.
