medicare advantage plans (Part C)

Medicare Advantage Plans (MA) are a type of Medicare health plan offered by a private company that contracts with Medicare to provide all your Part A and Part B benefits.  Most Medicare Advantage Plans also offer prescription drug coverage.  If you’re enrolled in a Medicare Advantage Plan, most Medicare services are covered through the plan.  Your Medicare services aren’t paid for by Original Medicare. The most common types of Medicare Advantage Plans are Health Maintence Organizations (HMO) Plans and Preferred Provider Organization (PPO) Plans.  You must continue to stay enrolled in both Medicare Part A and B while enrolled in your Medicare Advantage plan. Medicare pays the Medicare Advantage company a monthly amount to take on your medical risk. This is how Medicare Advantage plans are funded.  Medicare Advantage Plans will generally have a copay, coinsurance, and deductible(s) associated with your treatment.  A maximum out of pocket yearly limit which varies depending on your plan, but Medicare has set this limit to a maximum fo $6,700 for 2020.  Unless you meet certain requirements you may change your Medicare Advantage Plan every year during the Annual Enrollment Period (AEP) which begins October 15-December 7 of each year.