Many seniors often assume that the term “Medicare Advantage Plans” means something that is “over-the-top” or that it is not a part of Medicare. In actuality, many of these plans are quite good.Medicare Advantage Plans are simply plans that provide the full benefit of the traditional Medicare benefits, but at a much lower cost. The difference between Medicare Advantage Plans and other health insurance plans is that they have a “cash buy” component, where the insured pays in advance (or “up front”) for premiums, premiums which he can then use to supplement the rest of his medical insurance. These are called “cash-buys.”
Many Medicare Advantage Plans actually offer benefits. For the most part, they are just there so that the insured does not have to pay full price for everything he needs.So, let’s take a look at a few of the various plans out there. We’ll also take a look at what Medicare Advantage Plans is not.
Many people assume that “AARP Advantage Plans” is any type of “temporary coverage” such as a dental plan, vision plan, etc. The fact is that AARP Advantage Plans is comprehensive health care policies that are usually used by those who already have a Medicare Part A (Part A is the “preferred” Part A). What happens when you don’t have Medicare Part A? If you do not have Medicare Part A, you need to start shopping for a Medicare Advantage Plan for yourself today.
Annuals. Most policies will only cover the basics: their Part A coverage plus their prescription drug coverage. While this may be enough for most people, it is not a full health insurance policy. It does not cover dental and vision services, wellness checkups, mental health care, or even routine doctor visits. Of course, some do cover them, but these are generally not extras covered with the insurance.
Coverage doesn’t stop there. Once you have reached the age of 65, you will need supplemental insurance coverage to replace all the things you would otherwise not be able to afford without. This includes extended health insurance coverage, like Dental and Vision coverage.Also, it’s important to understand that the purpose of these types of policies is to supplement, not replace, Medicare coverage. If you get a regular Part A or Medicare Supplement Insurance Plan, you will have nothing to replace the gaps in coverage that Medicare would not provide.
Generally speaking, the “opportunity” to buy Medicare Advantage Plans comes from increasing the Part A plan premiums. The premium on a “normal” plan is 100% of your total medical bill. A premium on an Advantage Plan will often be less, as many Medicare Advantage Plans is not fully government sponsored. Most insurance plans will give you a waiver in order to enroll you into one of their programs. Just call them up and ask them how to get a waiver for you and see if they will help you.
There are many options available. For example, if you want both physical and mental healthcare, your main medical plan might cover you and also include coverage for all the added services you might need. But, if you only need mental healthcare, the Physical Care plan could be more suitable. Also, you should make sure that the Medical Service Plan (MSP) you purchase covers all the doctors that you need to see and have continuing coverage for them in the future.
It’s important to find out exactly what your current policy covers so that you know how much to spend on your medical services. And remember, when shopping for Medicare Advantage Plans, it’s always better to compare them with a premium health insurance policy before making final decisions.