Understanding Medicare advantage plans and similar plans with drug coverage

You might already have idea that the Medicare Advantage plans are a kind of the health plans which are verified by the Medicare and are offered by the private health insurance companies like Cigna, Coventry, Humana and a lot of others. The Medicare is responsible for setting out terms and conditions for Medicare advantage plans 2017, and they also control actions of the private insurance companies which offer these plans.

Some other names

Medicare Advantage plans are also known as Medicare Health Plans and also as Medicare Part C plans. During initial stages when these plans first came into action, they were known as Medicare+Choice plans.

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 Combination

Medical security advantage plan acts as a big building which is made up of small bricks such as Part A, and Part B. Part A helps customers in covering their costs regarding hospitalization and part B help them with medical insurance and with Doctor’s visit charges. Therefore, in a medical security advantage plan both of these Parts combine to offer necessary medical services just like Original Medicare. There is a very rare breed of medical security Advantage plans that offer prescription drug coverage (Part-D) as well with no extra charges, and this breed is known as MA-PDs.

Conditions for joining

There are some requirements which should be fulfilled if you want to be able to enroll yourself in a medical security Advantage plan. Let us discuss them:

  • It is important that you should be already enrolled in medical security Parts A and B (For confirming you can see your blue, white, and red Medicare Card).
  • You should not have End-Stage Renal Disease (ESRD).
  • You should have a residence in area where plan is active.

Differentiating

Many people get confused between health insurance Advantage and health insurance supplement schemes. Well,  health insurance supplement schemes mean  schemes which act in support of  Original health insurance whereas  medical insurance advantage schemes perform their action by replacing  Original medical insurance and by adding a few newer features.

Caution

People ask that would they lose their Original healthcare once they enroll in health insurance benefit schemes. Well, answer is that they would not. In case someone wants to leave their health insurance Advantage scheme then they can during Annual Coordinated Election Period (AEP) which lasts from 15th of December to 7th of December and after this their plan will revert to Original health insurance with both Part A and Part B benefits.