What’s Medicare Advantage? See If This Private Market Alternative to Traditional Medicare Could Be For You
More American seniors are choosing Medicare Advantage plans than ever before. Find out why and whether they are a good fit for you.
Multiple private insurers offer different Medicare Advantage plans (also known as Part C). If you choose to enroll in Medicare Advantage Part C, it will replace your Part A & B coverage. However, you will get the same coverage included in Medicare Part A & B. Medicare Advantage plans can also choose to provide additional benefits that are not offered by Original Medicare. You can bundle benefits such as hearing aids and prescription drug coverage into your Part C plan.
Some people find Medicare Advantage plans to be more convenient and affordable than Original Medicare.
Who is Eligible for a Medicare Advantage Plan?
New to Medicare and unsure which plan to choose? We are here to help you with this big decision, and to make it easy for you. The initial enrollment period lasts for seven months, beginning three months before the month you turn 65, your birthday month, and three months after you turn 65. Enrolling during this initial period helps you avoid late penalties down the road, and you don’t miss a minute of your coverage and benefits. In most cases, you are eligible for Medicare Advantage if:
You can qualify for Medicare Advantage plans during a special enrollment period if you are turning 65, new to Medicare, moving or losing coverage. During the fall Annual Enrollment Period you can join, switch or drop your Medicare plan.
- You are aging on to your initial Medicare enrollment period.
- You are an American citizen or a Permanent Legal Resident of the U.S for at least five consecutive years; and
- You are already collecting retirement benefits.
Those under the age of 65 with a qualifying disability who are enrolled in Original Medicare are also able to join a Medicare Advantage plan.
What’s Covered on a Medicare Advantage Plan?
An exciting feature of Medicare Advantage is that most offer additional benefits above and beyond what Original Medicare covers. Since Medicare Advantage plans have smaller networks and are privately managed, they can cover supplemental medical needs at lower monthly costs. And, most Medicare Advantage insurers offer some form of coverage for prescription drugs, so you wouldn’t need to purchase a separate Part D drug plan.
Depending on the plan you choose, Medicare Advantage may cover hearing aids, dental care and dentures, vision care and glasses, fitness center memberships, life insurance, international health insurance, 24-hour doctor hotlines, nursing care and chiropractic care to name a few.
How Much Does a Medicare Advantage Plan Cost?
It depends on a number of factors, including where you live. The monthly premium will cost an estimated $19 per month in 2022.* For a small additional premium, many plans cover prescription drug costs (replacing Medicare Part D coverage).** Most Medicare Advantage carriers have a zero-premium plan available, with higher co-pays or fewer additional benefits.***
You will need to continue paying your Part B premium to receive Medicare Advantage.
* “Press Release CMS Releases 2022 Premiums and Cost-Sharing Information for Medicare Advantage and Prescription Drug Plans.” CMS, September 30, 2021.
** “Key Facts about Medicare Part D Enrollment, Premiums, and Cost Sharing in 2021.” Juliette Cubanski and Anthony Damico. KFF, June 8, 2021.
*** Pricing varies and is subject to federal and state laws.