Medicare Advantage plans, also called Medicare Part C, are an “all in one alternative to Original Medicare.” Private companies approved by Medicare offer you Medicare Advantage (MA) plans. These MA plans provide you with the Medicare benefits of Part A (hospital) and Part B (medical). You also have the option of joining an MA Plan that includes Medicare Part D prescription drugs.
MA plans may provide you with the following extra benefits:
First, let’s look at how the costs differ between Medicare and Medicare Advantage. Then, you can discover more differences .
With Original Medicare, you typically pay 20% coinsurance. Furthermore, whenever you get a diagnostic test or have a hospital or ER visit, you may have copayments.
Generally, you pay Medicare Part B monthly premiums, unless you have Medigap Plan C or Plan F. Moreover, you may also have Part D drug premiums. Original Medicare has no maximum out-of-pocket limit, unless you have Medigap Plans K or L.
Medicare Advantage (MA) Plans have fixed copays for doctor visits and medical services. MA plans do not have coinsurance.
Furthermore, you must pay Medicare Part B premiums as well as your MA plan premiums. Most Medicare beneficiaries with an MA plan have prescription drug coverage. Moreover, your maximum out-of-pocket limit in 2022 is $7,550 or less.
Discover more differences between MA plans and Original Medicare.