Medicare Advantage Plans

What is Medicare Advantage Insurance

Medicare Advantage Plans are health plan options offered by private insurance companies under contract with Medicare, covering your Medicare Part A, Part B, and oftentimes, Part D (Rx) benefits. These plans usually cost much lower in premium than a supplement, but could cost more out of pocket when services are used.

These plans include:

  1. Health Maintenance Organization (HMO)
  2. Preferred Provider Organizations (PPO)
  3. Private Fee-for-Service Plans (PFFS)
  4. Special Needs Plans (SNP)

In most of these plans, there generally are extra benefits (such as dental and vision) and often times, lower co-payments than Original Medicare. Most Medicare Advantage Plans are managed care plans, usually a health maintenance organization (HMO) or a preferred provider organization (PPO) and you usually have to see contracted doctors except in a case of emergency.

To join a Medicare Advantage Plan, you must have Medicare Part A and Part B. You will have to pay your monthly Medicare Part B premium to Medicare. In addition, you may have to pay a monthly premium to your Medicare Advantage Plan.

When Can I Enroll?

Keep in mind that Medicare limits when you can join, switch, or drop a Medicare Advantage Plan. For example, you can join a plan when you first become eligible for Medicare. This is anytime beginning three months before the month you turn 65 and ends three months after the month you turned 65.

Some people can also enroll throughout the year during a Special Election Period (SEP) when they meet a qualifying event, such as moving, or losing employer group coverage.

People can also enroll during the Annual Enrollment Period (AEP) October 15 through December 7 of each year.

For more information, contact one of our agents who will help you find a plan that works for you.

Questions? Contact Us

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