Medicare Advantage plans, also known as Medicare Part C, are health plans that some private companies like Coventry, Cigna, Aetna, Humana, Health Net, WellCare, United HealthCare, etc., provide. Medicare sets some rules that MA plans follow, and it also regulates every private company that operates the plans. MA plans are also acknowledged as Medicare Health Plans, and they integrate people’s medical insurance and Medicare Hospitalization into a health plan. It proposes identical medically necessary services that the original Medicare covers. However, some MA plans offer prescription drug coverage, too.
The costs of MA plans
Some costs people are required to pay when they opt for an MA plan are:
- Copayments and coinsurance – The majority of MA plans make it a point to charge a coinsurance or copayment amount for some specific services that are rendered. All these services comprise the office visit of a specialist or a doctor. At times, these services encompass the refill of prescription drugs, too. The plan sets the specific copayment and coinsurance amounts in which a person gets enrolled.
- The premium for Medicare Part B – Even when a person is enrolled in an MA plan, he will be required to pay the premium for Medicare Part B, and this amount shoots up to $170.10 every month. Nonetheless, a few MA plans cover only a part of this premium cost.
- Individual healthcare – Individual healthcare plays a pivotal role in deciding the amount a person will pay for his MA plan. For instance, a person’s plan costs are affected by various factors like how frequently he looks for services, if he has enrolled himself for some additional benefits, and whether or not he visits out-of-network doctors.
When can a person sign up for an MA plan?
Every person is required to go through three set periods when he can join an MA plan. During this time, he can drop or alter his present plan.
- General enrollment
A person can sign up for original Medicare every year, beginning from January to March. He can also enroll from Apr to Jun, and in this situation, his coverage will begin in July.
- Initial enrollment
People can join an MA plan when they initially get Medicare. Commonly, the period for Initial Enrollment starts the day when a person becomes 65 years old. This period starts three months before the specific month when a person turns sixty-five. This also includes the month when a person becomes 65 years old, and it ends three months after the month the person becomes 65.
- Open enrollment
The open enrollment period starts from the 15th of October to the 7th of December. This time, people can think of dropping the MA plan or switching to another Advantage plan. They can also make some alterations to Medicare Part D.
Conclusion
Private companies offer Medicare Advantage Plans 2025, and they are considered to be substitutes for the original Part A and Part B of Medicare. Medicare Advantage plans offer some extra benefits, too. Besides the plan premiums, people are required to cover deductibles and copays, and the costs vary among different MA plans.
