Medicare Advantage Plans are options that come directly from the Medicare program. If you choose one of these plans, most of your healthcare coverage will come through the Medicare Advantage Plan, including prescription drug coverage.
These plans include:
- Medicare Health Maintenance Organizations (HMOs)
- Preferred Provider Organizations (PPO)
- Medicare Special Needs plans
- Private Fee-for-Service plans
In most of these plans, there are usually additional benefits and lower copays than in the original Medicare plan. Most of these Advantage plans are managed care plans that fall under the HMO or PPO categories. You may need to see doctors who work within that plan, and choose in-plan hospitals and providers as well.
To join a Medicare Advantage plan, you’ll need to have Medicare Part A and Part B and continue paying your monthly Part B premium to Medicare. You may also have a monthly premium for that Advantage plan to access the extra benefits.
Medicare does limit when you can join, switch, or drop an Advantage plan. You first become eligible for Medicare three months before you turn 65 and lose this eligibility three months after the month you turn 65. Anyone with a disability and Social Security Disability Insurance can join the Advantage plan three months before to three months after the 25th month of their disability. You can also switch or drop your Medicare Advantage during the enrollment periods between October 15 and December 7 of every year.
Get in touch with the Agency for Retired, Elderly & Disabled today to learn how we can help.