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4 Essential Things You Need To Know About Medicare Advantage Insurance

Medicare Advantage Insurance is a type of Medicare coverage offered by private insurance companies and administered by the Centers for Medicare and Medicaid Services (CMS). It has been designed to be more flexible and tailored to the needs of seniors.

This blog post will discuss four essential things you need to know about Medicare Advantage insurance.

First, let’s talk about how Medicare Advantage insurance works! Medicare Advantage plans are private health care plans that cover all or some of your Part A and/or Part B benefits. These plans work in addition to traditional Medicaid coverage and can include prescription drugs coverage as well!

If you already have Medicaid coverage but want an additional option for prescription drugs, then Medicare Advantage Insurance may be right for you! Let’s continue with our list.

1) Many Medicare Advantage Plans Have Extra Benefits

Medicare Advantage plans often provide coverage for items and services that traditional Medicaid does not cover. These may include dental care, hearing aids, vision benefits, and more! Many Medicare Advantage plans also include preventive care, which provides coverage for cancer screenings and wellness exams at no additional cost!

However, you need to check with your Medicare Advantage plan to ensure they offer these extra benefits.

2) Medicare Advantage Plans Offer More Options for Health Care Providers

Medicare Advantage plans often accept doctors and hospitals outside your current network.

The Medicare insurance plan you are currently on might not have options for healthcare providers beyond the ones that are very close to your home! However, on a Medicare Advantage plan, there will likely be more choices available to you near where you live. Just be sure there’s no additional cost associated with using out-of-network doctors, hospitals, pharmacies, etc.

3) All Medicare Advantage Plans Include Out of Pocket Maximums

Medicare Advantage plans specify a maximum of how much you will spend on health care each year. 

All Medicare Advantage plans have an out-of-pocket limit that ensures you won’t be responsible for more than the set amount per year. This is important because it prevents your Medicare plan from placing you in debt if an unexpected expense comes up. 

4) You Can Switch Your Medicare Advantage Plan 

If your Medicare Advantage plan isn’t suitable for your needs, it’s easy to switch plans! However, you’re only eligible to do so during the Initial Enrollment Period. This is a 7-month period that starts three months before you turn 65 or reach your 25th month of disability benefits. It includes that month and extends three months later.

If the Initial Enrollment Period has passed, you can switch your Medicare Advantage plan during the Medicare Open Enrollment Period.

At Powerhouse Insurance, we provide Medicare Advantage Insurance plans tailored to meet our clients’ unique needs in San Antonio. We know how crucial peace of mind is after retirement, which is why we offer the best coverage available while still keeping premiums affordable for seniors.

To find out more about what’s covered by your plan or how you can enroll in one today, schedule an appointment now!