Medicare Advantage is a health insurance program that offers an alternative to Original Medicare. Private insurance companies offer Medicare Advantage plans and they must provide the same coverage as Medicare Part A and Part B. Additionally, many Medicare Advantage plans also offer additional benefits such as wellness programs and dental, vision and hearing services. Some also provide prescription drug coverage which can be a significant expense for seniors.
Medicare Advantage plans also typically have an out-of-pocket maximum which can help protect you from high medical costs.
To enroll in a Medicare Advantage plan, you must first be enrolled in Medicare Part A and Part B. You can then sign up for a plan during the annual enrollment period which typically runs from October 15th to December 7th each year. During this time, you can switch from Original Medicare to a Medicare Advantage plan or you can switch from one Medicare Advantage plan to another.
If you’re interested in enrolling in a Medicare Advantage plan, it’s important to do your research and compare plans carefully. You can use the Medicare Plan Finder tool on the Medicare website to compare plans and find one that meets your needs. Additionally, you may want to consider working with a licensed Medicare insurance agent who can help you understand your options and choose a plan that fits your budget.
Medicare Advantage is a valuable option, especially for seniors who want more comprehensive coverage than Original Medicare. With its additional benefits and out-of-pocket maximum, it can help protect you from high medical costs. And remember, the annual enrollment period is the time to sign up or make changes to your coverage, so don’t miss out on this opportunity.