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About Medicare Advantage Plans Part 1 – What To Look For

Medicare Advantage Plans have a special plan called Medicare Part C. Certain insurance companies offer these plans if they obtain approval by Medicare. All Part A and B expenditures are covered by Medicare Advantage Plans. This includes Medical and Hospital Insurance. Surprisingly, most of these plans cover prescription drugs, which is known as Part D.

Companies are paid a certain amount by Medicare if they offer the Advantage Plan. These companies must keep certain guidelines set by Medicare if they are to continue to receive money. Out-of-pocket costs can be altered because they have a right to do so. They also have the right to have a difference in rules in reference to how an individual receives services. For instance, they can decide whether a referral is needed to be seen by a specialist. The rules can change annually.

General types of Medicare Advantage Plans consists of the following:

1. Health Maintenance Organization – HMO

2. Preferred Provider Organization – PPO

3. Private Fee For Service- PFFS

4. Special Needs Plan – SNP

5. Medical Savings Account – MSA

In this first part of Medicare Advantage Plans we took a brief look at what it is. In the next part we will discuss the costs and what is involved in the different plans.

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