Known as Part C, Medicare Advantage Plans provide all your Part A (hospital insurance) and Part B (medical insurance) benefits by being contracted with Medicare.
Here are the most common types of Medicare Advantage Plans:
- Health Maintenance Organization (HMO)
- Preferred Provider Organization (PPO)
- Private Fee-for-Service (PFFS)
- Special Needs Plans (SNPs)
- HMO Point of Service (HMOPOS)
- Medicare Medical Savings Account (MSA)
Benefits of Medicare Advantage
Medicare Advantage Plans are expected to offer the same benefits as Parts A and B, but there are also additional benefits:
- Adult day-care services
- Transportation to doctor visits
- Wellness programs
- Fitness memberships
- Nutrition programs
- Over-the-counter medications coverage
- Services and supports for those with chronic conditions
Your eligibility for these benefits is dependent upon your area and plan providers.
Why sign up?
Despite all the benefits Medicare Advantage Plans provide, such as covering hospital and medical insurance, there are other advantages to choosing this plan.
You will be paying less with Medicare Advantage Plans because it limits your maximum out-of-pocket expenses. Some Advantage plans even have premium payments as low as $0 per month.
Also, after you spend a certain amount on medical costs within a single calendar year, you won’t have to pay for your medical services for the remainder of that year. However, this will vary among different plans.
It is important to remember that you will be expected to pay your monthly Medicare Part B premium, including other premiums or fees the plan may charge.