What is a Medicare Advantage Plan? It is a health plan that is offered by private companies. These companies provide you with both Part A and Part B benefits. If you do decide to enroll with Medicare, you will (for the most part) get all your Medicare-covered health care through your plan! In most cases, you will also get prescription drug coverage with the plan. The Medicare Advantage Plans include:

1. Medicare Health Maintenance Organizations
2. Preferred Provider Organizations
3. Private Fee-for-Service Plans
4. Medicare Special Needs Plans

When you sign up, you will be provided with a health insurance card. This card is used to receive care you when you visit medical providers. Several Medicare Advantage plans offer extra benefits and even have lower co-payments than the Original Medicare Plan. Because most plans are managed care plans, you may have to see specific doctors and go to hospitals that are in the plan’s network unless it is an emergency.

You have to have Medicare Part A and Part B in order to get a Medicare Advantage Plan. You have to pay Medicare Part B monthly and you may have to pay a premium for the extra benefits you get in your Medicare Advantage Plan.

Just be aware when you have a Medicare Advantage Plan, any Medigap (Medicare Supplement) policy you have won’t work. What does this mean? It means that you will be responsible for your deductibles, copayments, and other costs under your Medicare Advantage Plan.

Enrollment

Medicare has a limited time period when you can join, change or cancel a Medicare Advantage Plan. You will have three months prior and three months after the month you become 65 to enroll. For example, if your birthday is in July, you can enroll as early as April or as late as October. If you delay enrolling in Part B because you have coverage from an employer or retiree plan, you can enroll in Medicare Advantage if you decide to drop this other coverage.

If disabled with Social Security Disability Insurance, you will have that same six-month window at month 25 of your disability.

You will have a period from November 15 to December 7, and from January 1st to March 31st of each year to change or cancel your Medicare Advantage Plan.