Medicare Advantage Plans
Medicare Advantage Plans, sometimes referred to as Part C, are health plan alternatives within the Medicare program. When you enroll in one of these plans, your Medicare-covered healthcare is typically managed through the Medicare Advantage Plan, which may include prescription drug coverage.
Types of Medicare Advantage Plans include:
- Medicare Health Maintenance Organization (HMOs)
- Preferred Provider Organizations (PPO)
- Private Fee-for-Service Plans
- Medicare Special Needs Plans
Upon enrolling in a Medicare Advantage Plan, you'll rely on the health insurance card issued by the plan for your healthcare needs. These plans typically offer additional benefits and reduced co-payments when compared to the Original Medicare Plan. Most Medicare Advantage Plans fall under the category of managed care plans, often in the form of a Health Maintenance Organization (HMO) or a Preferred Provider Organization (PPO).
To enroll in a Medicare Advantage Plan, you must possess both Medicare Part A and Part B coverage. Your monthly Medicare Part B premium is paid to Medicare. Additionally, you might be required to pay a monthly premium to your Medicare Advantage Plan to access the additional benefits it provides. In 2024, the standard Part B premium stands at $174.70 (or a higher amount based on your income). However, some individuals who receive Social Security benefits may qualify for a reduced premium amount.
What are the enrollment periods?
Please be aware that Medicare imposes restrictions on when you can enroll, switch, or disenroll from a Medicare Advantage Plan. Your initial enrollment period begins three months prior to the month you turn 65 and extends for three months after the month of your 65th birthday.
If you are disabled and receive Social Security Disability Insurance, you can enroll in an Advantage plan within the three months leading up to or following the 25th month of your disability.
You have the option to make changes or discontinue your Medicare Advantage plan during an enrollment period that spans from October 15 to December 7, annually.
This information is obtained from www.medicare.gov
By contacting the phone number on this website you will be directed to a licensed agent.
