Part C, also called Medicare Advantage, is a Medicare-approved plan offered by private insurance companies. It’s an alternative to Original Medicare and offers everything that Original Medicare does and more, usually at no extra cost.
Medicare Advantage plans include Part A and Part B of Original Medicare. Most also have Part D prescription benefits built in, and most offer extras such as vision, dental, hearing aids, transportation, and more.
Medicare Advantage plans usually have lower out-of-pocket costs than Original Medicare and some (mostly PPOs) have an additional premium.
Monthly premiums for Part C are not identical across the board. Depending on the insurance company, type of plan, and where you live, your premium could be as low as $0.
(Note: You will still have to pay the standard Part B premium, since Part B comes packaged in Part C plans.)
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Some things to think about with Part C Medicare Advantage
- Some Medicare Advantage plans now offer additional extra benefits to help with meals, transportation, over-the-counter medications, housing, and more.
- Offers a covered Annual Wellness Visit (every year) to help ensure that you’re maintaining your health.
- Some Medicare Advantage plans incent doctors who provide quality care that helps keep you healthy. This type of care is called value-based care. The purpose is to stay on top of your health and better manage conditions and symptoms, while keeping overall healthcare costs down.
- Medicare Advantage beneficiaries report spending less annually in total healthcare spending compared to individuals on Original Medicare or Fee-for-Service plans.
- Medicare Advantage has a 12-month trial period. The trial period gives you a chance to try out the benefits of a specific Medicare Advantage plan to see if it’s right for you. You’re eligible for this trial if you enrolled in a Medicare Advantage plan when you were 65 years old or if you initially enrolled in Original Medicare and Medigap, but then decided to switch to Medicare Advantage. Just ask a Medicare licensed broker how it works.
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