A Medicare Advantage Plan — also known as “Part C” or “MA Plan” — is offered by private companies that are approved by Medicare. If a person chooses to enroll in a Medicare Advantage Plan, they still have Medicare; their Medicare Part A coverage (Hospital Insurance) and Medicare Part B coverage (Medical Insurance) coverage is provided by the Medicare Advantage Plan — and not from Original Medicare. In addition, most Medicare Advantage Plans include prescription drug coverage (Part D).
These plans cover all Medicare services, and most of them also offer additional coverage such as vision, hearing and dental. Medicare pays a set amount for care each month to the companies that offer Medicare Advantage Plans, who must follow rules set by Medicare.
Out-of-pocket costs in a Medicare Advantage Plan (Part C) are typically lower, but this depends on many factors. For example, the costs differ if the plan charges a monthly premium, pays any monthly Medicare Part B (Medical Insurance) premium, or has a yearly deductible (or any additional deductibles). Medicare Advantage Plans have a yearly limit on out-of-pocket costs for medical services; once this limit is reached, there is no charge for covered services. Applicants need to be informed of all the possible costs, rules and limits.
Why Agents Offer Medicare Advantage
Just as Medicare Advantage Plans aren’t the best fit for every client, they aren’t always the best fit for Agents. Consider these questions:
- Are these plans beneficial for the people in your community and the areas you serve?
- Do you offer similar/competitive products?
There are many compelling reasons to offer Medicare Advantage Plans, such as:
- You can help families with some of the most difficult decisions of their life
- You can provide your clients with peace of mind, as they will know they have a health plan behind them
- You’ll be serving the needs of your clients and community
- You can offer a profitable product that will help your bottom line
How to Get Started with Medicare Advantage
If you decide to offer Medicare Advantage Plans, we recommend talking to someone from the Medicare Advisors team of experts. They’ll provide answers to your questions, and have tools available to support your new product offering.
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