The Medicare Advantage Plan serves as an all-in-one alternative to the original Medicare. These are offered by private insurance companies that contract with the federal government with the promise that they provide insurance benefits to all who enrolled in the plan. Medicare Advantage Plans can also be called Medicare Part C. It is a type of Medicare health plan provided by a private insurance company.
This year, the Centers for Medicare and Medicaid Services (CMS) will be implementing a new set of benefits for Medicare Advantage. These are the benefits that used to be unavailable in the traditional Medicare. It is expected that many plans will be offering these benefits this year, according to PBS news hour. However, this Medicare Advantage is not without its disadvantages, although it also has a lot of advantages. If you want to know more about these, read further.
The Different Types of Medicare Advantage Plans
The costs for treatment-related services, preventive and diagnostic services may also be covered by Medicare Advantage. Medicare Advantage Plans come in different types such as Preferred Provider Organization (PPO), Special Needs Plans (SNP), Medical Savings Account (MSA), Private Fee-for-Service (PFFS) and the Health Maintenance Organization (HMO). Remember that not all Medicare Advantage Plans are created equal. Each of it has its different set of restrictions, along with benefits and rules. Most plans provide coverage for prescription drugs. Other plans still require a referral if the patient needs to see a specialist for his medical condition. There are providers that cover a portion of the patient’s out-of-network care. But, there are also Medicare Advantage providers that only pay for doctors and facilities that are within the PPO or HMO’s network.
Each Medicare Advantage plan will have its own Summary of Benefits that the agent must give right away to those who wish to enroll. This is why the people behind MedicareWire.com highly recommend that one must review or peruse this document. This is to