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Medicare Advantage

What is Medicare Advantage?

A type of Medicare health plan offered by a private company that contracts with Medicare to provide you with all your Part A and Part B benefits. Medicare Advantage Plans include Health Maintenance Organizations, Preferred Provider Organizations, Private Fee-for-Service Plans, Special Needs Plans, and Medicare Medical Savings Account Plans. If you’re enrolled in a Medicare Advantage Plan, most Medicare services are covered through the plan and aren’t paid for under Original Medicare. Most Medicare Advantage Plans also offer extra benefits not offered by Medicare and include prescription drug coverage. Medicare Advantage plans must cover the same services as Medicare Parts A and B.

Monthly Premiums:
If you join a Medicare Advantage plan, you will continue to pay your Medicare Part B premium and your
Part A premium, if you have one. The plan may also charge its own premium, although some Medicare
Advantage plans do not. Premiums for Medicare Advantage plans can vary widely. Insurers can change premiums and other terms of the plan from year to year. In the fall, insurers announce next year’s premiums and other terms of their plans.

Cost sharing:  Look at the plan for details.
Co-pays or Co-insurance – Many plans charge co-pays or co-insurance for each benefit.
Medicare Advantage plans set their own terms about coinsurance.
Maximum out-of-pocket limits – All Medicare Advantage plans protect you from high cost sharing by limiting the amount you will have to spend each year.

Kentucky Health Solutions provides Medicare Advantage plans through a variety of insurance companies. Contact us directly for a detailed overview and explanation.