You can select from a variety of Medicare-approved, privately operated Advantage Plans to supplement your Medicare coverage. Enrolling in one of these plans does not result in the termination of your Medicare coverage; rather, they coexist. Many people choose these policies in order to receive extra coverage for things like certain medications, eyeglasses, and medical services and treatments that Medicare does not cover. Each plan’s price varies, but many Medicare Advantage plans don’t even charge a premium (yes, they are free).
The HMO (Health Maintenance Organization) and PPO are two plans where you are obligated to use their network of doctors and hospitals (Preferred Provider Organization). Both with and without the Medigap Policy, the costs of the premiums or services can occasionally be less than those of the Original medigap plans. The advantage plans offered do contain hospital (Part A) and medical (Part B) coverage, and they are obligated to pay for any necessary services for your medical need. Sometimes, Medicare plans can be used to get prescription medications at lower costs than what Medicare offers. Some plans use referrals and networks to coordinate your care, which may wind up saving you money and improving the administration of your health care. The fact that you do not need to buy a Medigap policy is another fantastic benefit of these plans.
Following are your available plans:
Preferred Provider Organization (PPO) for a Health Maintenance Organization (PPO)
Medicare Medical Savings Account (Medicare PFFS): Private Fee-for-Service (MSA)
Medicare Supplemental Insurance
How Do I Choose a Plan?
A summary of each plan is provided below:
Health Maintenance Organizations (HMOs) – These plans provide Part A and Part B coverage, and some also include extras that cover lengthy hospital stays. As your Primary Care Physician (PCP), you are only required to consult with one of the medical professionals in their network, unless an emergency arises. When compared to the Original Medicare Plan, costs for this alternative can be lower.
PPO – With this plan, you have the choice to use their network of physicians for lower co-payments. When a doctor is not in the insurance network, there are additional expenses.
PFFS – More freedom is offered with this plan because you can visit any medical facility that accepts your insurance and has doctors that are in-network with Medicare. A certain portion of the medical expenses incurred must be covered by you. Occasionally, additional benefits are provided.
MSA: You must sign up for a high-deductible health plan that doesn’t start providing coverage until the annual deductible is paid. The savings account used for all medical bills receives money from Medicare. The majority of Medicare Advantage plans, including those with no recurring costs, are MSA plans.
Medicare Special Needs Plan: This unique type of plan provides Part A and Part B coverage to those who require specialised treatment for chronic conditions. Those who qualify for Medicaid or Medicare, those living in nursing homes, and those with chronic or disabling diseases are all eligible.