VIDEO: What is Part C - Medicare Advantage and How Does it Work?
How Does Part C Work? What Does it Cover?
Medicare Part C (Medicare Advantage Plans) (MA's or MAPD's)
Medicare Part C, also known as a Medicare Advantage plan, is a type of health plan that is offered by private insurance companies that are approved by Medicare.
Medicare Part C offers all the benefits that are covered under Medicare Part A and Part B, which include hospital insurance (Part A) and medical insurance (Part B). However, Medicare Part C offers additional benefits that are not covered under Parts A and B, such as dental, vision, hearing, wellness programs, gym memberships, transportation to medical appointments, healthy grocery allowance, flex debit card, utility bill allowance, and Part B Premium monthly "giveback" dollars. Part C, Medicare Advantage Plans, also offer prescription drug coverage as a part of the plan. Plans also offer a zero monthly premium and an annual max out of pocket "cap" as low as $3,000 annually, in Indiana. It is important to note that each plan has its own out-of-pocket limit, which can vary depending on the plan and insurance provider.
The purpose of Medicare Part C is to provide beneficiaries with more options for their healthcare coverage and to encourage competition among insurance companies to improve benefits and reduce costs. Today, Medicare Advantage plans are offered by a variety of private insurance companies and insure more than one-third of all Medicare beneficiaries.
In order to be eligible for Medicare Part C, you must first be eligible for and/or enrolled in both Medicare Part A and Part B. The enrollment period for Medicare Part C runs from October 15th to December 7th each year. During this time, you can switch plans or enroll for the first time.
It is also important to check that your preferred hospitals, doctors, and prescription drugs are covered by the plan you choose. Medicare Your Way will help you navigate your Part C plan options by verifying which plan best covers your prescription drugs and that your hospital and doctors are in their respective network.
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