What Is Medicare Advantage, and How Does It Work?
Medicare Advantage, sometimes referred to as Medicare Part C, is an insurance plan that includes standard Medicare coverage and additional benefits. Private insurance businesses that have a contract with Medicare sell Medicare Advantage. Besides, you can choose from a variety of Medicare Advantage plan, depending on your needs. They are as follows:
1. Medicare Advantage Health Maintenance Organization (HMO)
An HMO has a contracted network of doctors, hospitals, and other healthcare providers who agree to provide subsidized services to the plan’s members.
2. Medicare Advantage HMO Point of Service (HMO-POS)
HMO-POS plans are a variation on Medicare Advantage HMOs that provide you more options for getting care and coverage.
3. Medicare Advantage Preferred Provider Organization (PPO)
Medicare Advantage PPOs, like HMOs, have a network of contracted health care providers. A Medicare Advantage PPO, unlike an HMO, does not require you to choose a primary care physician (PCP) to provide treatment and organize specialty care through referrals.
4. Medicare Advantage Special Needs Plans (SNPs)
Medicare Supplemental Insurance HMOs, POSs, and PPOs are all examples of SNPs. So, they are for those on Medicare who have special needs.
5. Medicare Advantage Private Fee-for-Service (PFFS)
Medicare Supplemental Insurance. In general, PFFS plans let you see any doctor who accepts the plan’s guidelines and payment terms.
6. Medicare savings account (MSA)
MSA plans to combine a high-deductible health plan with a medical savings account, into which Medicare deposits funds to be utilized for medical expenses are kept.
What Is New in the Medicare Advantage Plans 2021?
- For patients of all age group
In 2021, Medicare Advantage plans will accept patients of any age-eligible for Medicare because they have an end-stage renal illness (ESRD). This is a particular kind of kidney failure.
- Reduction in insulin cost
If you have diabetes, you may be relieved to learn that Medicare is assisting in reducing insulin costs. Moreover, Insulin may be available for $35 per month or less through Medicare Advantage prescription drug programs.
- The price control scheme for insulin
Your Medicare Advantage prescription drug plan must also be a part of the Part D Senior Savings Model, a price-control scheme for insulin.
- Model-eligible insulin
Your insulin must also be one of the Part D Senior Savings Model-eligible insulins. Also, consult your prescribing physician if you are unsure.
- Telemedicine services
Medicare Advantage plans offer a broader range of telemedicine services. So, that means you may be able to consult with your healthcare professional using your computer, phone, or tablet from the safety and convenience of your own home.
The Best Medicare Advantage Plans of 2021
For persons who are eligible for Medicare, Medicare Advantage plans are a popular choice. Moreover, in 2021, approximately four out of every 10 Medicare-eligible persons will be enrolled in a Medicare Advantage plan. However, each strategy has its own set of advantages and disadvantages. In addition, the top Medicare Advantage plans for 2021 are listed below.
- UnitedHealthcare: the right option for network size.
- AARP: perfect for bonuses.
- Aetna: the right option for extra benefits.
- Humana: the right option for low-cost plan availability.
- Kaiser: standard for member satisfaction.
- Highmark: perfect of the blues.
- Blue Cross Blue Shield: right choice for simplicity and clarity.
Subsequently, when deciding which Medicare Advantage plan to join, be careful with:
- First, examining the Medicare Advantage plans offered in your area
- Second, determine whether your healthcare plan is an HMO, a PPO, a PFFS, or an SNP
- Third, check to verify if your primary care physician is in-network because doing so will save you money on co-pays
- Lastly, compare the benefits each plan offers
When you become eligible for the Medicare program, you can enroll in a Medicare Advantage plan via signing up on NewMedicare.