As a senior considering Medicare Advantage insurance, you likely have many questions about how it works and what it covers. To help ease any confusion, we’ve compiled a list of the top questions seniors have about Medicare Advantage and provided answers to each one.
- What is Medicare Advantage? Medicare Advantage is a type of health insurance plan offered by private insurance companies that provides the same coverage as Original Medicare (Parts A and B), as well as additional benefits like prescription drug coverage, vision, dental, and hearing services.
- How is Medicare Advantage different from Original Medicare? Unlike Original Medicare, which is a fee-for-service plan, Medicare Advantage plans have a network of doctors and hospitals that members must use to receive covered care. Additionally, Medicare Advantage plans often offer additional benefits beyond what is covered by Original Medicare, such as prescription drug coverage, dental, vision, and hearing services.
- How much does Medicare Advantage cost? The cost of Medicare Advantage plans varies depending on the specific plan and the insurance company offering it. Some plans have low or no monthly premiums, but may have higher co-pays or deductibles. It’s important to review plan costs carefully before enrolling.
- Can I switch from Original Medicare to Medicare Advantage? Yes, you can switch from Original Medicare to a Medicare Advantage plan during the annual enrollment period (AEP) which occurs each year from October 15th to December 7th.
- What happens if I want to switch back to Original Medicare? If you switch back to Original Medicare, you may be able to enroll in a Medicare Supplement (Medigap) plan to help cover the out-of-pocket costs that Original Medicare doesn’t cover. However, it’s important to note that not all Medigap plans are compatible with Medicare Advantage plans.
- How do I choose a Medicare Advantage plan? When choosing a Medicare Advantage plan, it’s important to consider factors like plan costs, covered benefits, and whether your preferred doctors and hospitals are in the plan’s network. Talking with a licensed Medicare insurance agent can also be helpful in selecting the right plan for your needs.
By understanding the basics of Medicare Advantage and having answers to these common questions, seniors can make informed decisions about their healthcare coverage. Remember, it’s always a good idea to do your research and seek guidance from a licensed Medicare insurance agent to ensure you’re getting the right plan for your unique needs.