Medicare Parts A and B you get from the government. Nicknamed Part C, Medicare Advantage plans are what you get through private companies to supplement your Medicare plan. Stephanie Abt of Abt Insurance Agency looks at what you need to know about Medicare advantage insurance plans.
You first have to be enrolled in Medicare before you can purchase a Medicare Advantage plan.
You will still need to pay your Medicare monthly premium. When you enroll in a Medicare Advantage plan, you need to replace your Medicare card with a Medicare Advantage card from the insurance company. You can only use doctors and hospitals in the network of your Medicare Advantage insurance company.
Just like with regular health insurance, you have an amount you have to pay for your medical expenses. This amount is currently capped at $7550 per year.
Medicare Advantage plans come in a variety of forms, like PPO, HMO, SNP or PFFS. The two most popular kinds of plans are HMO and PPO. With HMOs, you have to stay in the network, except for emergency services. Referrals are always required from a primary care physician. With a PPO plan, you don’t need to have a primary care physician. You can sometimes use out of network services.
If you do not like your plan, you can change it next year.