Reasons To Opt For Medicare Advantage Plan

MA (Medicare Advantage) plans are health plans that private companies offer, and they have an agreement with Medicare so that patients get all the benefits of Medicare Part A and Medicare Part B. Medicare Advantage Plans comprise Special Needs Plans, Private Fee-for-Service Plans, Health Maintenance Organizations, and Preferred Provider Organizations.

Different MA plans

HMO or Health Maintenance Organization is the most common MA plan. The majority of the participants of MA are enrolled under HMOs. Some other MA plans include PFFS (Private Fee-for-Service) plans, SNPs (Special Needs Plans), HMO POS (Health Maintenance Organization Point-of-Service) plans, and MSA (Medical Savings Account) plans. If you want to take full benefits of an MA plan, you ought to have Medicare Part A and Medicare Part B and should reside within its area of service. 

Free photo health wellbeing life

Image source

People suffering from ESRD (end-stage renal disease) become qualified to get an MA plan. However, ESRD patients ought to make comparisons of the benefits and prices of the MA plans with the coverage that traditional Medicare provides to people. Additionally, these patients should ensure that their hospital and doctors are covered under the provider network of their plan.

How can you find the best MA plan for your requirements?

At times, selecting the best MA plan seems to be a complicated process. Hence, you need to consider several factors like:

  • The amount of money you have spent on your healthcare the previous year or earlier years – When you find out the money you have spent earlier, you will be able to determine your budget. A few plans propose $0 premiums, though some charge some dollars.
  • The coverage you require – Several MA plans comprise some additional coverage like hearing, vision, and dental. Hence, before you opt for a Medicare Advantage plan, you should get in touch with the carriers to find out more about the offerings of their plans.
  • The prescription drugs you need to take or do you take regularly – When people take any kind of medication, they should discover an MA plan that will cover prescription drug coverage. Every person should look at the drug lists of his MA plan to confirm that it is covering his medications.
  • The medical conditions you suffer from and your long-term healthcare requirements – More than 40% of Americans suffer from chronic health conditions. Hence, they consider the plan that caters to their long-term medical requirements well.
  • Does your chosen healthcare provider cover Medicare – You should know about the Medicare plans your chosen MA covers.
  • You should know the CMS ranking for the plans you have been considering – The CMS (Centers for Medicare and Medicare Services) utilizes a 5-star ranking system for measuring the care Medicare Advantage proposes. The CMS ranking measures some things like obtainability of care, mgmt. of chronic conditions, customer service, member experience, etc. CMS releases star rankings every year.

Key Takeaways

Also known as Part C, Medicare Advantage Plans are considered to be a kind of Medicare health plan that private companies offer, and they are sanctioned by Medicare. Before you shop for Medicare Advantage Plans in 2024 online, you have to consider various factors besides looking at the benefits these plans have been offering. 

Similar Posts