Medicare Advantage Plans are a convenient alternative to the traditional Medicare system. Medicare Advantage Plans are standardized fee-for-service programs that the government pays a portion of. Unlike Medicare Advantage Plans offered by in-network providers, Medicare Advantage Plans are not sponsored by the government. They are authorized by the private insurance companies that participate in Medicare.
best Medicare supplement plans 2022 cover more of the specific services covered under Medicare than in-network plans do. Medicare Advantage Plans are offered by licensed private companies that must meet strict Medicare standards. Also, Medicare Advantage Plans have no emergency care costs, deductibles or coinsurance. Medicare Advantage Plans can be customized to meet your unique needs. In order to be enrolled in an Advantage Plan, you must follow certain guidelines.
Medicare Advantage Plans must provide at least 50% coverage of the total Medicare Part A and Part B services that are listed in the original medicare program. If the Medicare Supplement Plans that are listed in your Original Medicare coverages do not include services that are from Medicare Part A, then the Medicare Advantage Plan must provide those same services.
Medicare Advantage Plans may also cover other services that are not covered in the original medicare program; however, the provider must offer those services and cover them at the same price that is available to Medicare beneficiaries. Medicare Part A and Part B must be the primary source of coverage for you; if you become pregnant, you must give birth to a child, or become disabled, then the Medicare Supplement Plans that are applicable to you must cover these services.
The Medicare Advantage Plans will establish their own in-network pricing for their services. Medicare Part A premiums and deductibles are used to pay the benefits; the Medicare Advantage Plan premiums and deductibles are used to pay the providers of the Part A service; and the remaining balance, which is usually an assortment of different providers, is used for the Medicare supplement portion of the premium.
The Medicare Supplement Plans do have an out-of-pocket maximum; this is the maximum amount that you will need to pay out-of-pocket before Medicare will cover the remainder of the cost.
Although Medicare Advantage Plans can help you afford the coverage that you need, it is critical that you understand the differences between the coverage offered with private insurance plans and with the Medicare Advantage Plans. Private insurance plans generally do not cover as many of the services that are available through the Medicare Advantage Plans.
This is primarily due to the fact that Medicare Part A coverage is designed to ensure that all of the coverage categories are covered by the governmental program; thus, private insurance plans are limited to only a few different types of coverage categories. The coverage provided with the Medicare Supplement Plans is not only nearly identical to that provided with private insurance plans; it is often better in some cases.
For example, in addition to the ability to insure the full range of standard services provided under Medicare, the Medicare Advantage Plans often provide coverage for hearing aids, specialty services, and durable medical equipment.