Medicare Advantage plans are a different way to get Part A and B. Under these plans, clients get Part A and B through a private insurance company. Clients continue to pay Part A premiums (if it applies), Part B premiums, and the plan’s premium (if any). The plan pays for all medically necessary care covered by original Medicare (Part A and B). Medicare Advantage plans may include a prescription drug plan equal to or better than a standard Medicare Part D plan or they may require participants to enroll in a separate Medicare Part D plan. A company that offers Medicare Advantage plans may offer coverage with a national, regional or local service area.
If you consider switching from original Medicare with a standardized Medicare Supplement policy to a Medicare Advantage plan, you need to carefully compare the bottom line. Calculate your total out-of-pocket expense with original Medicare + Supplement and compare that to the total out-of-pocket expense for the Medicare Advantage Plan. There are many Medicare Advantage plans available and they will all differ slightly from one another and from original Medicare.
Important note: You should not have a standardized Medicare Supplement policy in addition to being enrolled in a Medicare Advantage plan. Your standardized Medicare Supplement policy was only designed to work together with “original” Medicare and will not provide benefits in addition to or in conjunction with a Medicare Advantage policy.