TELL ME MORE ABOUT MY MEDICARE CHOICES
A Picture is worth a 1000 words! Below is a Diagram showing Options for receiving Your Medicare Benefits
Let's talk about Medicare Advantage Plans.
A Medicare Advantage Plan is simply a way to receive your Medicare Part A and Part B from an Insurance Company. This Insurance Company must include all the benefits available in Part A and Part B of Medicare, but can present a little differently and can include additional benefits including Prescription Drug Coverage. For example, Original Medicare Part B has a deductible of $ 198.00 for 2020. So, if you have Original Medicare, you will be responsible for the first $ 198.00 of Medicare approved Part B services before Medicare pays their part of 80%. One type of a Medical Advantage plan does not have a deductible for Part B office visits - but rather a co-pay. Yes, there are different types of Medicare Advantage Plans and in Indiana we have one that uses a Medical Saving Account - called a MA - MSA.
One thing that the Medical Advantage Plans have in common is an out of pocket limit or member responsibility, and after that is reached, the plan pays 100% of approved Medicare expenses.
Original Medicare does not have a out of pocket limit. So if you have Original Medicare, without having a Medicare Supplement policy, there is no cap on your out of pocket expenses.
How can I compare the different Medicare Care Advantage Plans and the Companies providing this coverage?
Medicare rates these plans by a 5 star rating system. So, always look for the Star Rating when looking at these plans.
You can also check out the AM Best rating for the Insurance Company.
Below is a link to a new Medicare Publication - Understanding Medicare Advantage Plans
A Medicare Advantage Plan is simply a way to receive your Medicare Part A and Part B from an Insurance Company. This Insurance Company must include all the benefits available in Part A and Part B of Medicare, but can present a little differently and can include additional benefits including Prescription Drug Coverage. For example, Original Medicare Part B has a deductible of $ 198.00 for 2020. So, if you have Original Medicare, you will be responsible for the first $ 198.00 of Medicare approved Part B services before Medicare pays their part of 80%. One type of a Medical Advantage plan does not have a deductible for Part B office visits - but rather a co-pay. Yes, there are different types of Medicare Advantage Plans and in Indiana we have one that uses a Medical Saving Account - called a MA - MSA.
One thing that the Medical Advantage Plans have in common is an out of pocket limit or member responsibility, and after that is reached, the plan pays 100% of approved Medicare expenses.
Original Medicare does not have a out of pocket limit. So if you have Original Medicare, without having a Medicare Supplement policy, there is no cap on your out of pocket expenses.
How can I compare the different Medicare Care Advantage Plans and the Companies providing this coverage?
Medicare rates these plans by a 5 star rating system. So, always look for the Star Rating when looking at these plans.
You can also check out the AM Best rating for the Insurance Company.
Below is a link to a new Medicare Publication - Understanding Medicare Advantage Plans