Medicare Advantage (MA) also known as Part C is a type Medicare health plan offered by a private company that contracts with Medicare to provide you with all your Part A and Part B benefits. Medicare Advantage plans are required to offer a benefit “package” that is at least equal to Medicare’s and cover everything Medicare covers, but they do not have to cover every benefit in the same way. If you’re enrolled in a Medicare Advantage Plan, most Medicare services are covered through the plan and aren’t paid for under Original Medicare. Most Medicare Advantage Plans offer prescription drug coverage they are referred to as Medicare Advantage Prescription Drug Plans (MAPD).
Types of Medicare Advantage
Medicare Advantage Plans include Health Maintenance Organizations (HMO), Preferred Provider Organizations (PPO), Private Fee-for-Service Plans (PFFS), Special Needs Plans (SNP), and Medicare Medical Savings Account Plans (MSA).
- The Medicare Advantage Annual Enrollment Period (AEP) is between 10/15-12/7 every year.
- Special Needs Plans (SNP’s) are for people with certain chronic medical conditions or people that have both Medicare and Medicaid.
- HMO Medicare Advantage plans will generally offer lower co-payments and cost sharing than PPO plans.
- Some Medicare Advantage plans offer a Medicare Part B rebate, which means your social security check will actually increase by having the plan.
- Medicare Advantage plans benefits are county specific and benefits may differ from one county to the next.
Deciding which plan to enroll in can be difficult, especially since there are so many different plans to choose from. That’s why it’s important to define one’s medical and financial goals. NIC will research plans that fit within your strategy and explain in detail the plan and the potential the plan has to help you meet your specific goals. Whether you live on a fixed income or have a comfortable nest egg we will help you choose the best possible plan for you.
NIC can provide you with a wide range of Medicare Advantage consulting services, including:
- Determining if you qualify for the any Special Needs Plans (SNP)
- Individual plan selection
- Help in deciding what benefits will accomplish your goals