Medicare Advantage Plans
What you need to know:
- In order to have a Medicare Advantage plan, you must have both Parts A & B of Original Medicare, pay the Plan A & B premiums (if you have one), and live in the plan service area.
- Medicare Advantage plans may be $0 premium per month, while others may have a monthly premium. Copays and coinsurance for each medical service varies among insurance companies and may change each year. Each year starts January 1 and ends on December 31.
- Medicare Advantage plans may include other coverage for things Original Medicare doesn’t cover, like some vision, hearing, dental, transportation to approved locations and fitness programs (like gym memberships or discounts). Some plans may also include prescription drug coverage.
- With a Medicare Advantage plan, you may be required to choose a primary care provider from within their network, while others may allow you to choose from any providers. Your costs may vary depending upon the provider you choose.
- Medicare Advantage plans are required to set an out-of-pocket maximum limit, which is your financial safety net for in-network medical expenses. Medicare sets this limit and can change each year. It is important to note that premiums, drug costs and the cost of other coverages (like vision, dental, etc) does not go toward your out-of-pocket maximum.
- Medicare Advantage plans operate within defined geographic areas called service areas. If you move from one area of the country to another area, you’ll need to obtain a plan that is in the area you will live.
- All plans are required to offer nationwide coverage for emergency care, urgent care and renal dialysis. So if you are traveling outside your service area and need to go to the emergency room, you will be covered throughout the nation.
Let's work together
Having a local professional agent who knows you by name and understands your circumstances can advise you through your entire Medicare journey, and updating you on plan changes that could affect your coverage is invaluable. So, let’s work together and find the best plan for you.