Medicare Advantage Plans

Handling healthcare costs is always tricky, and it can become even more difficult as you get older. Even though you might be able to rely on Medicare to provide you with some of your healthcare needs, there are limitations. Plus, you have to worry about deductibles and co-pays, which can really add up. Fortunately, this is where Medicare Advantage plans can come in handy. If you haven't yet thought about making the switch from original Medicare, now is the time to consider it. Luckily, you can compare prices online so that you can find the right Medicare Advantage policy for you, at a price that you can afford.

What is a Medicare Advantage Plan?

Contrary to what a lot of people think, Medicare Part C is not actually a type of coverage. Instead, it is the part of the Medicare policy that allows individuals like you to get outside coverage. Medicare Advantage is a type of outside coverage. With it, you are no longer a patient under regular Medicare. Instead, you'll pay a premium to your insurance company for better coverage. Medicare requires that these companies provide certain coverage that is equivalent to what original Medicare provides, but your insurance company will typically offer much better perks, too. For example, you will more than likely save a lot of money on deductibles and co-pays. Also, depending on the coverage that you sign up for, you might get additional hearing and vision coverage.

Different Types of Medicare Advantage Plans

There are two main types of Medicare Advantage plans for you to choose from, although some insurers do offer additional options. The most common plan nowadays is a Health Maintenance Organization plan, or an HMO. Basically, you will need to find a primary care physician, who you will go to first for the majority of your care. You will typically need to see doctors within your insurer's network, and you may need a referral in order to see a specialist. The other typical type of coverage is a Preferred Provider Organization plan, or PPO. You can typically see doctors outside of your insurer's network with this type of plan, but you may have to pay more to do so. These plans used to be popular, but due to the Affordable Care Act, many insurers have switched to HMO plans.

The Benefits of Medicare Advantage Plans

Even if you opt for an HMO Medicare Advantage plan that requires you to get referrals before seeing specialists, you can still save a lot of money on your healthcare costs. This is because, by shopping around and finding a good deal on your coverage, you can pay out low premiums but enjoy a lot of savings on things like co-pays and deductibles. You can also enjoy better coverage than you had under traditional Medicare. It's a great way to budget your healthcare expenses rather than being caught by surprise by high co-pays and deductibles.

What You Should Know Before Signing Up for a Medicare Advantage Plan

These are a few things that you should know before signing up for one of these plans:

• You have to sign up during certain times, such as when you first qualify for Medicare or during the Open Enrollment period each year.
• Your Medicare Advantage plan will only cover one person. If you are married, your spouse will need to sign up for a separate plan in order to enjoy the same coverage.
• Different insurance companies offer different premiums and coverage. It's always smart to shop around before signing up for a Medicare Advantage plan to ensure that you are getting the best coverage and the most affordably priced deal.