A Medicare Advantage plan is a private Medicare insurance plan that you can join to receive your Medicare benefits in a different way. Medicare pays the plan a monthly fee to administer your Part A and B benefits when you do. While enrolled in a Medicare Advantage plan, you must continue to be enrolled in both Medicare Parts A and B. Medicare reimburses the Medicare Advantage company for taking on your medical risk. Medicare Advantage plans are funded in this manner.
At the time of treatment, you will show your Advantage plan ID card. Instead of billing Original Medicare, your providers will bill the plan. This is why some providers consider them Medicare replacement plans but keep in mind that you can always switch back to Original Medicare during an annual election period in the future.
Each Advantage plan has its own benefits summary. This summary will show you how much your copays for various healthcare services will be. All of the same services that Original Medicare provides, such as doctor visits, surgeries, lab work, and so on, will be available through your plan.
A visit to a primary care physician could cost you $10. Specialist copays are frequently higher – a $50 copay for a specialist is not uncommon. Diagnostic imaging, hospital stays, and surgeries could all result in higher copays. Copays for these items are typically in the hundreds of dollars. This, however, varies greatly between states, so look into the plans in your area to learn more.
One of the best things about Medicare Advantage plans is that some of them include minor dental, vision, and hearing benefits. A gym membership is included in some plans. When looking for Medicare Advantage plans that include dental and vision coverage, our experts at Boomer Benefits can assist you in comparing the ancillary benefits offered by different carriers.