Donald C. Reutemann CFP®, RPA

(518) 688-2223

Insurance Read Time: 2 min

Medicare Advantage 101

Medicare Advantage, sometimes known as “Part C,” is something of a catch-all choice for those who are ready to sign up for Medicare. Medicare Advantage plans are offered by private insurers in conjunction with the Medicare program, and can provide you with additional health insurance coverage.

What’s in them?

In addition to signing up for Medicare Part A (hospital stays) and Part B (medical coverage), Medicare Advantage plans offer their subscribers extra features. This frequently, but not always, includes the Medicare Part D prescription drug plan.1

In some cases, Medicare Advantage plans offer coverage for areas not normally offered within regular Medicare plans. This can include dental, hearing, and vision insurance.1

What are the rules?

Medicare pays for a fixed amount of your health care to the company offering your Medicare Advantage (MA) plan. Beyond that, each MA plan requires different out-of-pocket fees. Those fees can vary from plan to plan.1

Depending on your plan, you may have different rules you need to follow when seeking a medical referral to get treatment from a specialist or if you are seeking non-urgent care (even from health care providers within the plan).

It’s also important to remember that rules, requirements, and features may change from year to year. It will be important to make sure that those changes line up with any treatment that you need.

What about my prescriptions?

While most MA plans offer Part D coverage for prescription drugs, some don’t. One example would be for Medicare Medical Savings Account plans. In cases where the plan can’t or chooses not to offer prescription drug coverage, you may have the ability to join a separate Medicare Prescription Drug Plan, depending on the type of plan you enroll in.1

You will likely have a number of questions and concerns as you examine your options for Medicare Advantage plans. Discuss these with a trusted financial professional who can help you make choices that may best fit your lifestyle.

1. Medicare.gov, 2022

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG, LLC, is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.

Share |
 

Related Content

Potential Income from an IRA

Potential Income from an IRA

Estimate your monthly and annual income from various IRA types.

Hindsight 2020: 6 Ways We Learned to Save

Hindsight 2020: 6 Ways We Learned to Save

During the COVID-19 pandemic, millions of people have learned to do more with less. Whether you’ve had to bounce back from job loss or spent weeks bouncing off the walls in quarantine, the pandemic experience included valuable lessons about saving money — and better using our savings to protect ourselves and our loved ones. As we approach a post-pandemic reality, these lessons can continue to have a positive impact on our lives and finances.

My Retirement Savings

My Retirement Savings

Estimate how long your retirement savings may last using various monthly cash flow rates.

 

Have A Question About This Topic?







Thank you! Oops!

Not Just Equal Pay, Equal Job Security

While this may feel like a golden age for the LGBTQ community—with the affirmation of marriage equality and a cultural shift embracing diversity—these successes may distract...

The Business Cycle

Understanding the economy's cycles can help put current business conditions in better perspective.

Starting a Roth IRA for a Teen

This early financial decision could prove helpful over time.

View all articles

My Retirement Savings

Estimate how long your retirement savings may last using various monthly cash flow rates.

What Is My Life Expectancy?

Estimate how many years you may need retirement assets or how long to provide income to a surviving spouse or children.

Assess Your Life Insurance Needs

This calculator estimates how much life insurance you would need to meet your family's needs if you were to die prematurely.

View all calculators

5 Smart Investing Strategies

There are some smart strategies that may help you pursue your investment objectives

Your Cash Flow Statement

A presentation about managing money: using it, saving it, and even getting credit.

Protecting Those Who Matter Most

The importance of life insurance, how it works, and how much coverage you need.

View all presentations

Jane Bond: Infiltrating the Market

Agent Jane Bond is on the case, cracking the code on bonds.

Behavioral Finance

An amusing and whimsical look at behavioral finance best practices for investors.

The Junk Drawer Approach to Investing

It's easy to let investments accumulate like old receipts in a junk drawer.

View all videos