Medicare Advantage plans are given by private companies but they are Medicare approved. These plans may be an ideal choice for senior who consider drug coverage as all-in-one. This also includes that there is no pay involved in the initial 20 days that covers traditional Medicare in a nursing facility. Besides, the plan provides limited coverage on travelling out of state.
This is applicable and Medicare advantage plans are available for people:
- Having disabling or severe chronic condition such as dementia or chronic heart failure.
- Are enrolled in Medicaid and Medicare.
- You live in a nursing home type institution.
This is an additional Medicare advantage plans types apart from the regular HMO type. The HMO plan with Point of service is different slightly and also a less common version. It is different from a traditional HMO featuring point of service plans that allows you to reach provider even beyond the network, but the cost may be higher and has to be self borne. This advantage makes this plan functional as it works as any preferred provider organization Medicare plan types. Medicare Advantage Plans 2018 benefits offer great coverage.
Medical Savings Account (MSA)
MSA is also an extra Medicare advantage plans that is less common. In an MSA, a health plan that is high-deductible is combined with a bank account. In this type Medicare deposits specific amount of money into the bank account every year and the money can be used to pay for expenses related to health care throughout the year.
Medicare deposits are lesser than annual deductibles and thus it implies if you require lot of care, there is a need for being prepared to spend more than the originally deposited amount into the account.
How do plans differ?
Medicare Advantage plans feature varying rules to obtain the services. In fact, some polices may need to avail a referral from the primary doctor to see a specialist. At the same time, there are other plans that do not ask for any referral, but the services of the specialist may not be covered fully. Similarly, there are plan types that denies covering the services if you avail out of network providers the health care services or the beyond pocket costs may escalate.
Another disparity is in the amount you pay for Medicare Advantage plans services. These plans take a monthly premium apart from the Part B Medicare premium, copayments, coinsurance and annual deductibles. Regardless of the Medicare Advantage plan types, you must continue paying for Part B Medicare premium. Thus comparing the plans must be done keeping in mind the health services type that you need.