If you’d prefer an all-in-one benefits package for your Medicare insurance, you may want to consider enrolling in Medicare Advantage. Many Medicare recipients who get Part A (hospital insurance) and Part B (medical insurance) through Original Medicare end up enrolling in a stand-alone Prescription Drug Plan (PDP) and/or a Medicare Supplement (Medigap) policy. Medicare recipients who prefer to have all their benefits bundled into one package often choose to enroll in a Medicare Advantage plan.
Medicare Advantage (Part C) plans offer Medicare recipients a way to package their Original Medicare coverage with a variety of additional benefits. They are required by law to include at least the same Part A and Part B benefits as Original Medicare, but additional coverage may include routine vision or dental services, hearing exams, fitness club memberships, or more.
Most Medicare Advantage plans also pair their benefits with Part D prescription drug coverage as a way of offering a more comprehensive option to interested recipients. You’ll find that most Medicare Advantage insurers offer a variety of package options at varying price points in monthly premiums and deductibles so they can appeal to the broadest range of needs for Medicare beneficiaries. Unlike Original Medicare, MA plans have an annual out-of-pocket maximum limit, but these limits may vary based on the plan you choose.
Monthly premiums for MA plans are separate from the Part B premium or, if you do not qualify for premium-free coverage, the Part A premium. Typically speaking, you can expect more benefits and fewer cost-sharing obligations with plans that have higher monthly premiums. Many insurers offer zero-premium plans that trim away certain benefits or do not reduce out-of-pocket expenses for some copays and deductibles.
2020 Medicare Advantage Guide – What to Know(Opens in a new browser tab)
Choosing a Prescription Drug Plan During AEP(Opens in a new browser tab)