Medicare Advantage — sometimes called Part C — is an alternative way to receive your Medicare benefits. These plans are offered by private insurers in conjunction with the Medicare program and can provide coverage beyond what original Medicare includes.
Medicare Advantage plans include the same coverage as Medicare Part A (hospital stays) and Part B (medical coverage), along with additional benefits. This frequently — though not always — includes Medicare Part D prescription drug coverage.
Many Medicare Advantage plans also cover services that original Medicare does not, such as dental, hearing, and vision care. The specific benefits available depend on the plan you select.
Medicare pays a fixed amount to the private insurer offering your plan. Beyond that, each plan sets its own out-of-pocket costs, which vary from plan to plan.
Depending on your plan, you may need to follow specific rules when seeking a referral to a specialist or when receiving non-urgent care — even from providers within your plan's network. It's also worth noting that plan rules, requirements, and covered services can change from year to year, so it's important to confirm that any planned treatment remains covered under your current plan.
Most Medicare Advantage plans include Part D prescription drug coverage, but not all do. Medicare Medical Savings Account plans, for example, do not include drug coverage. In some cases, depending on the type of plan you enroll in, you may be able to join a separate Medicare Prescription Drug Plan to fill that gap.
As you review your options, a financial professional can help you think through how different Medicare Advantage plans compare and which may be a better fit for your health care needs.
If you have questions about Medicare Advantage and how it fits into your retirement plan, let's talk.
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Brent Forrest & Associates, LLC. dba Wela Financial Advisory (Wela) is a registered investment adviser. The information presented is for educational purposes only. It should not be considered specific investment advice, does not take into consideration your specific situation, and does not intend to make an offer or solicitation for the sale or purchase of any securities or investment strategies. Investments involve risk and are not guaranteed. Be sure to consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. This article and images may have been enhanced by utilizing artificial intelligence (AI). Wela may discuss and display, charts, graphs, formulas which are not intended to be used by themselves to determine which securities to buy or sell, or when to buy or sell them. Such charts and graphs offer limited information and should not be used on their own to make investment decisions.
