What is a Medicare Advantage Plan?

If you’re 65 or close in age, you’re likely looking at Medicare options. And if a Medicare Advantage plan is right for you.  Medicare offers many plans and options above the base level, to meet your healthcare needs.

At first glance, Medicare can seem complicated. But with the right Medicare insurance agent on your side, it doesn’t have to be. Your licensed SelectQuote agent will walk you through your Medicare options, including who qualifies for free Medicare Part A, the ins and outs of Medicare Parts A, B, C and D, and help you make the best decision based on your insurance needs.

Of the many plans offered, Medicare Part C, often referred to as a Medicare Advantage Plan, provides the most flexible options. These plans cover gaps in insurance not covered by Medicare Parts A and B. But as with most everything in life, there are pros and cons to consider when deciding if a Medicare Advantage Plan is right for you.

Understanding Medicare Advantage Plans

Private insurance companies, including HMOs and PPOs, contract with Medicare to offer Medicare Advantage Plans to Medicare qualified individuals. Seniors who desire additional coverage not offered by Medicare Parts A and B, such as vision and dental care, often opt for a Medicare Advantage Plan. With a Medicare Advantage Plan, you are still part of the Medicare system, you simply have more bells and whistles on your insurance plan to cover needed care.

A Medicare Advantage Plan may seem most similar to your previous employer-sponsored health benefit. The plans differ based on the exact insurance you need. This allows you to find a plan that works for your situation. It also makes it important to consult with an agent who knows Medicare. Working with a SelectQuote agent, you’ll gain the knowledge and experience of someone who understands the intricacies of Medicare. They will ask you a series of questions to you help you find the best Medicare Advantage Plan for you.

What are the Benefits of a Medicare Advantage Plan?

Medicare Advantage Plans offer several advantages, including:

  • All of the benefits of Medicare Parts A and B (original Medicare)
  • An annual limit on your out-of-pocket costs
  • Prescription drug coverage, or Medicare Part D, offered in many plans
  • Vision, dental and hearing services often provided
  • All of your Medicare benefits provided in one convenient plan

What are the Disadvantages of a Medicare Advantage Plan?

When deciding if a Medicare Advantage Plan is the best Medicare option for you, it’s important to understand both the pros and cons. Disadvantages to a Medicare Advantage Plan include:

  • Restrictions on the doctors you can see in-network
  • Limited accessibility to specialists (some plans will require you to first see a general practitioner, others will dictate you see someone in-network)
  • Negative consequences if you are still employed or receiving employee-sponsored retirement health benefits, including paying more than needed and losing your employer-coverage
  • Limited choice of healthcare providers for those who travel frequently

As you decide what type of Medicare Plan is best for you, talk to your SelectQuote agent about your current and anticipated health-status. They can help you unravel the pros and cons of a Medicare Advantage Plan and other Medicare options. Together you’ll discover if a Medicare Advantage Plan is right for you. Or, you may discover a Medigap or Supplemental Plan makes more sense to round out your original Medicare Plan.

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