Medicare Part C, also called Medicare Advantage is a product that was developed originally back in the 90's (called Medicare+Choice) to help cut costs for Medicare. It was overhauled in 2003 to the product that now exists.
Medicare Advantage plans combine the benefits of Medicare Part A and Part B into a single program operated by a private insurance company. The funds for this program come from Part A and B premiums and often an additional premium from the patient. It is structured like most commercial plans with a copay or coinsurance for different types of visits, a maximum out of pocket expense, etc...
Some plans do not have prescription benefits. These are called MA plans. Others, MAPD plans, have a prescription plan built in.
Talk to a local insurance agent to find out if Medicare Part C is the best option for you.
Co-Founder, TermInsuranceBrokers.com, Goldenzweig Financial Group, Las Vegas, Nevada
I believe you're referring to Medicare Part C. This is commonly known as Medicare Advantage and are purchased through private health insurance companies (e.g. Humana, United Healthcare, Aetna, etc.). In short, plans operate similarly to traditional individual health plans for the under 65 market (e.g. having deductibles, copayments, coinsurance, max OOPs, etc.). If you want to secure prescription coverage with an MA plan, you would want to look at MAPD plans (Medicare Advantage Prescription Drug plan).
Before buying an MA plan, it's important to review the advantages and restrictions of this type of coverage and compare it to the costs and structures available through a Medigap plan and/or stand-alone Part D prescription plan. Everyone's needs and budgets are different and therefore each type of program structure may be more suitable for one person than another.
Consult with an experienced senior health insurance broker who can compare these options with you and help you figure out which program will be most suitable for your needs.
Please feel free to contact me for help. Thanks very much.
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Medicare Advantage plans combine the benefits of Medicare Part A and Part B into a single program operated by a private insurance company. The funds for this program come from Part A and B premiums and often an additional premium from the patient. It is structured like most commercial plans with a copay or coinsurance for different types of visits, a maximum out of pocket expense, etc...
Some plans do not have prescription benefits. These are called MA plans. Others, MAPD plans, have a prescription plan built in.
Talk to a local insurance agent to find out if Medicare Part C is the best option for you.
Before buying an MA plan, it's important to review the advantages and restrictions of this type of coverage and compare it to the costs and structures available through a Medigap plan and/or stand-alone Part D prescription plan. Everyone's needs and budgets are different and therefore each type of program structure may be more suitable for one person than another.
Consult with an experienced senior health insurance broker who can compare these options with you and help you figure out which program will be most suitable for your needs.
Please feel free to contact me for help. Thanks very much.