One of the options a Medicare beneficiary has as a resource to tackle Original Medicare’s Coinsurance, Copays, and Annual Deductibles is through the use of a Medicare Advantage plan, also known as Medicare Part C.
They generally have additional benefits and services Medicare does not cover, such as:
Medicare Advantage plans provide an affordable option to reduce the exposure to Medicare’s copays, annual deductibles, and 20% coinsurance. By selecting a Medicare Advantage plan, the insurance company becomes your primary insurance, and by doing so, it has very distinct advantages and disadvantages, such as:
Advantages:
Disadvantages:
Medicare Advantage Plans Are Available As An HMO or PPO.
HMO – Health Maintenance Organization:
PPO – Preferred Provider Organization:
Choosing a Medicare Advantage plan does not mean a person is bound to the Medicare Advantage plan selected indefinitely during their Initial Enrollment Period. There are enrollment timelines when a person can change their coverage if needed or wanted.
Medicare Advantage Plan Enrollment Timelines.
Annual Election Period Oct 15th – Dec 7th: Compare And Find The Best Plan For The Next Calendar Year.
Coverage Changes One Can Make:
Open Enrollment Period Jan 1st – Mar 31st: Set Aside For People Enrolled In A Medicare Advantage Plan.
Coverage Changes One Can Make:
Lock-In Period Apr 1st – Dec 31st: No Plan Changes Allowed Unless A Qualifying Event Creates A Special Election Period.
Such As:
Insurance Advisors understands that every client’s needs are different. We are a leader in providing no-cost, unbiased information about Medicare insurance-related issues.
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