The Medicare Advantage plans are into something that you can get from Medicare itself. These are medical insurance plans that cover a lot of common and uncommon medical expenses and that are sold by private insurance providers. That would be companies such as Aetna, Mutual of Omaha, AARP (United Healthcare), Cigna and more. These companies have some rules to follow that Medicare has created for Advantage plans, but they also have some freedom to craft their own versions of the plans, complete with their own rates and some modified coverage.
That means two things for you. First of all, there are a lot of choices out there for you to pick from when it comes to Medicare Advantage plans. Secondly, you have a chance to save money by comparing your options, since there are so many plans.
First, you have to decide if you even need Medicare Advantage and if it is the right coverage plan for you. You do this by looking at what Advantage plans in general are offering and comparing that to your personal needs. Now, we can’t tell you what your needs are. We don’t know your situation. You will have to examine your finances and your medical expenses and see what kind of coverage plan you require. Once you do that, then you can better tell if Medicare Advantage is right for your situation. Even the best Medicare advantage plan won’t do you much good if it doesn’t fit your personal needs.
Medicare Advantage plans are designed to offer considerable coverage for medical expenses. They cover all the costs associated with Medicare Part A and Part B. That makes them overlap with Medicare Supplement plans, which means Supplement plans (Medigap) and Advantage plans are not compatible. It also means that they cover the exact same costs as Original Medicare. They then become a replacement for Original Medicare, and you would get that coverage through the new insurance provider that has sold you the Advantage plan, if you sign up for one of these plans.
Medicare Advantage goes beyond that basic coverage, though. It can also cover you for checkups for your eyes and for your ears, among other things. This is something that not every Advantage plan will offer, and those that do will offer this coverage in different ways and to different extents. Some of them will cover you for prescription eyewear or hearing aids.
Your Advantage plan may offer prescription drug coverage as well. This would take care of a lot of medication costs for you and is called the Medicare Part D plan. This is something that you could buy on your own, so if the Advantage plan of your choice doesn’t include it, then you can simply buy it separately.
Part D coverage is a great way to take care of your prescription drug costs. It offers what is known as tiered coverage. This means that you will be partially covered for some drugs and fully covered for others. How this tiered coverage is set up will depend on which Part D plan you are getting, since each insurance company tends to have its own version.