As Medicare becomes more complex and complicated, it’s becoming increasingly difficult to find a good Medicare Advantage plan that suits you. There are now over 3,000 Medicare Advantage Plans currently available nationwide in next year’sirinogue. In reality, 95 percent of Medicare recipients have access to a Medicare Advantage Prescription Drug plan without a monthly premium (Mandatory Medigap).
Many senior citizens don’t want to take out a traditional Medicare supplement plan. Many seniors are concerned about the rising costs of prescription drugs. For these people, Medicare Advantage Plans provides an affordable option for coverage of their prescription drugs without the need for out-of-pocket expenses.
When considering Medicare Advantage Plans 2022, it’s helpful to first understand the three main types of plans. The most common Medicare Supplement plan is called a “fee for service” plan. It requires the individual to pay a fixed monthly fee for the services that they receive from the Medicare primary plan. Mainly these types of plans cover doctor visits, medications, hospital stays, and preventive care such as cholesterol and blood pressure monitors.
Another type of Medicare Advantage plan is known as “open enrollment period” or “silver join” plans. These types of plans allow patients to switch back and forth between two different policies during an open enrollment period. To do this, patients must first visit their local Medicare office and sign an enrollment application. Then, once signed up, they can move between the two different plans. During the open enrollment period, the provider of the first policy is not required to pay any Medicare Advantage plan fees.
A third main type of Medicare Supplement plan is referred to as “Medigap” coverage. This particular type of plan is standardized by the Internal Revenue Service to provide medical coverage for items that are not covered by Medicare. For example, Medicare supplement insurance for eye surgery can provide coverage for glasses but is not allowed to cover contact lenses. The items that are not covered by Medicare are known as “optional benefits”. Although Medicare advantage insurance does not cover these optional benefits, other third-party companies will offer coverage for them at a reduced rate.
Many Medicare Advantage plans also provide additional benefits. Some examples of these types of additional benefits include vision care drug coverage, hearing aids, pharmacy discounts, and customized drug plans. It’s also important to note that in some cases, the supplemental drug coverage will replace the original drug coverage of a Medicare Part A or Part B client. However, the client would still have to complete both types of plans to receive the full benefits.
