What is Medicare Advantage?

A Medicare Advantage plan, also known as Medicare Part C, is an all-in-one health insurance option available as an alternative to Original Medicare. They are offered by private insurance companies and must be approved by Medicare. Each Medicare Advantage plan must have benefits at least equal to what is offered by Original Medicare, and often include additional benefits.

Here are some key things to know about Medicare Advantage Plans:

  1. Some, but not all plans, include drug coverage

  2. Many of these plans are available with a $0 monthly premium

  3. Different plans are available based on the county you live in

  4. You cannot have both a Medicare Supplement and a Medicare Advantage Plan

  5. The most common Medicare Advantage plans are either HMO or PPO

  6. MAPD plans often include extras, such as hearing, dental, and vision coverage

Should you choose Medicare Advantage or Medicare Supplement?

This is the age old question for Medicare beneficiaries; is a Medicare Supplement or a Medicare Advantage plan better for me? While there is no one-size-fits-all answer, here are some key factors to consider when making a decision.

  1. You cannot have a Medicare Supplement and a Medicare Advantage plan at the same time, it’s one or the other!

  2. Each year, you have an opportunity to switch to different a Medicare Advantage plan no questions asked. You DO NOT have this same opportunity every year with a Medicare Supplement. So if you want a Medicare Supplement plan, it’s best to get it during your Open Enrollment period when turning 65.

  3. Medicare Advantage plans tend to offer additional benefits such as dental, vision, hearing and grocery cards. If you see these types of benefits being advertised, you can be almost certain it is a Medicare Advantage plan.

  4. Medicare Supplement plans do require a referral to see a doctor. As long as the doctor takes Original Medicare, you are good to go!

I encourage you to reach out to a local agent to help guide you through the Medicare plan landscape!

Frequently asked questions about Medicare Advantage (Part C)

  • Depending where you live, there are many Medicare Advantage plans available for a zero-dollar monthly premium! However there can be other costs associated with the plan, such as copays and deductibles.

  • This is where using a local agency, like Patriot Insurance Services, can be helpful. Before joining a Medicare Advantage plan, we will verify each of your doctors to see if they are in network with the plan.

  • Certain Medicare Advantage plans offer a “Part B Giveback”. This helps pay your Medicare Part B premium and immediately puts money back into your pocket. These plans aren’t right for everyone, but if finding the greatest value is important to you they are worth a look.