Medicare is a popular and thriving source for health coverage. It provides health insurance for millions of people every year and continues to be a main contender in the health care field. While many people choose basic Medicare options there are some that participate in Medicare Advantage Plans, also known as Medicare Part C. These types of plans have contracts with the federal government. Each contract is with a private insurance company and paid an amount. In return people using Medicare Advantage Plans are provided health benefits. The three main types of Medicare Advantage plans are:
- Private Fee-For-Service
- Health Maintenance Organizations
- Preferred Provider Organizations
How do you know which plan is right for you? First, know that by enrolling in Medicare Part C Plans that you are combining Parts A, B, and D as well. There are several different ways to compare each plan to determine which will suit your needs best.
Most Medicare Advantage Plans fall under either the Health Maintenance Organizations or the Preferred Provider Organizations. There are other types of plans available, but most providers fall under these two categories of Advantage Plans. Health Maintenance Organization Plans offer the services of all health professionals that use this network. If you choose a doctor out of the network your health care costs may not be covered.
Preferred Provider Organizations will cover costs for health professionals both in the network and out of the network. However, you may be subject to a higher co-pay if a provider is chosen that is not in the network. Also, check the are to see if your location offers each type of plan. Enrollment can only be utilized during the specific election period.
Knowing what types of prescription drugs are covered by each specific Advantage Plan may also help you determine which plan is best for your individual needs. Health Maintenance Organization Plans usually cover prescription drugs. In some instances, enrollment in Part D should be considered in order to have coverage. This is the same requirement for Preferred Provider Organization Plans. Most cases offer prescription drug coverage, but enrollment in a Preferred Provider Organization Plan that offers this benefit will ensure you receive Medicare drug coverage. Private Fee-For Service Plans occasional offer prescription drug coverage. To receive coverage under this plan you may have to enroll in a Medicare Prescription Drug Plan.
To find the perfect Medicare Advantage Plan, you must have a plan. Consider what hospitals, doctors, pharmacies, and other medical providers in your area participate in Advantage programs. These are based heavily on location, so ask if your location offers such services first. Some plans usually cover prescription drugs, but others are less reliable. Consider that you may have to enroll in a Medicare Prescription Drug Plan (Part D) to receive this coverage. Outside providers may cost you a higher premium or may not be covered under the Advantage Plans. With Advantage Plans, you will still have to pay deductibles and co-pays, but they are an excellent way to provide you with amazing benefits to keep you happy and healthy.