What is a Medicare Advantage plan?
Medicare Advantage, sometimes called Medicare Part C, is available to everyone eligible for Medicare. To participate, you can buy coverage through private companies, and Medicare will pay these companies to cover the costs of your Medicare benefits.
Medicare Advantage offers the same coverage as Original Medicare Parts A and B rolled into one plan. You may also qualify for additional benefits, such as coverage for prescription drugs, dental care, eyeglasses, and wellness programs.
Medicare Advantage vs. Original Medicare
Medicare Advantage plans are Medicare-approved and offer similar coverages. With the plan, you can visit any doctor or hospital that accepts Medicare wherever you are in the country when you need medical care. But these plans have some key differences that can affect your healthcare options.
Original Medicare doesn’t cover vision, hearing, or dental services. It also doesn’t include coverage for pharmaceutical drugs. For that, you’ll need to join a separate Medicare drug plan, Medicare Part D, or purchase supplemental coverage.
Medicare Advantage plans typically include Part D, and many offer extra benefits to provide dental and vision care, hearing aids, and wellness options. However, you must see a doctor in your plan’s network.
See More: The 10 Best & Worst Medicare Advantage Plans
Medicare Advantage plan vs. Medigap plan
Medicare Advantage is a stand-alone program that bundles your coverage with Original Medicare and additional benefits. But if you choose to stick with your Original Medicare plan, you may want to purchase supplemental insurance called Medigap.
Key Takeaway:
You can’t have both Medicare Advantage and Medigap, but you can switch plans if you need to.
Medigap is supplemental insurance to help pay for out-of-pocket healthcare costs that Original Medicare doesn’t cover. After Original Medicare covers its share of your costs, a Medigap plan can cover the cost of copays, co-insurance, and deductibles.
Learn More: Medigap vs. Medicare Advantage: Which Plan Is Best for You?