Have you heard of Medicare Advantage? If you’re senior aging into Medicare, odds are that you haven’t. However, Medicare Advantage, aka Medicare Part C, is nothing new, seniors have been able to get private healthcare Medicare benefits since the 1970s. Since then, Enrollments have skyrocketed. According to KFF.org, of the 64 million people on Medicare, one third are enrolled in Part C plans.
Medicare Advantage plans are private health insurers that have contracts with Medicare to provide coverage. With a Medicare Advantage plan, you get all the same things that are covered through part A and B, as well as additional benefits that Original Medicare does not cover. Such as eye exams, dental, and hearing. For this reason, Medicare Advantage is also known as part C.
Medicare Part C can also cover prescription drugs. However, if prescription drugs are covered through your Advantage plan, you cannot buy a separate Medicare prescription drug plan. Medicare Prescription Drug Plans are known as Medicare Part D.
With Medicare Part C, generally, you must use certain doctors, hospitals and pharmacies that are included within a network. To have a Part C plan, you must already have Parts A and B. You will pay your usual Part B premium in addition to what your premium plan will charge.
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