Medicare Advantage plans are Medicare-approved, but offered by private insurers. These Medicare plans combine Part A and Part B, and often Part D prescription drug benefits into one plan. Some Medicare Advantage plans also offer vision, dental, hearing and/or health and wellness programs at an extra cost.
There are a few key things you should know about Medicare Advantage plans:
Medicare Advantage plans pay a fixed dollar amount for covered services, but you will still need to pay your Part B premium and (depending on your plan):
Note: Those enrolled in a Medicare Advantage plan cannot also have a Medicare supplement plan.
Once you have Medicare Parts A and/or B (Original Medicare), you are able to purchase a Part D plan separately. These plans exist to help cover prescription drug costs. Costs vary from plan to plan, since various Medicare-approved private insurers offer these plans. Part D works with a Medicare supplement insurance plan or on its own, and you can get Part D benefits through some Part C plans.
There are some important things to know about coverage and payment with Part D plans. Each year Part D pays for:
You will be responsible for paying:
Now that you’ve gotten an overview of the different types of Medicare and Medicare-related insurance plan options available, let’s see how an AARP® Medicare Supplement Insurance Plan, insured by UnitedHealthcare Insurance Company, may be able to help you out.