Facts About Medicare Advantage Plans
1. A Medicare Advantage Plan, also Part C, is a type of health insurance plan offered by a private company that contracts with Medicare to provide you with all your Part A and Part B benefits.
2. Medicare Advantage Plans include Health Maintenance Organizations, Preferred Provider Organizations, Private Fee-for-Service Plans, Special Needs Plans, and Medical Savings Account Plans.
3. Medicare works with private insurance companies to offer you ways to get your health care coverage. These companies can also choose to offer a consumer-directed Advantage Plan, called a MSA Plan. These plans are similar to Health Savings Account Plans available outside of Medicare. You have flexibility in choosing your health care services and providers. MSA Plans don’t cover Part D prescription drugs. If you join a MSA Plan and need drug coverage, you’ll have to join a Medicare Prescription Drug Plan.
4. In addition to the Medicare services that all Advantage Plans must cover, some plans may cover extra benefits for an extra cost, like dental, vision, or long-term care not covered by Medicare. Contact plans in your area for more information on what extra benefits they cover, if any.
5. If you’re enrolled in a Advantage Plan, Medicare services are covered through the plan and aren’t paid for under Original Medicare. Most Advantage Plans offer prescription drug coverage.
6. The cost of Advantage Plan monthly premiums vary by plan.
Medicare Advantage Plans differ from Medigap coverage.
Other Non-Medigap coverage includes:
Medicaid
Employer or union plans, including the Federal Employees Health Benefits Program (FEHBP)
TRICARE
Veterans’ benefits
Long-term care insurance policies
Indian Health Service, Tribal, and Urban Indian Health plans