How Medicare Part C Can Help You Save Money

 How Medicare Part C Can Help You Save Money

Medicare Part C, which is an alternative to Part A and Part B plans, is available through Medicare Advantage Plans. These plans are provided by commercial health insurance firms that have been approved by Medicare. PPOs and HMOs are available, and they offer the same benefits as the original Medicare plans. They do, however, include additional coverage not found in their initial plans, such as health wellness programs, dental or vision benefits, and/or prescription medicines.

The prescription medication benefit, which is already included in the Medicare Part D plan, is an important feature of these programs. There's no need to purchase a separate Medicare Prescription Drug Plan. Parts A-D can be combined into a single plan called Medicare Advantage Prescription Drugs. As a result, you can apply for a Medicare Advantage plan if you want the benefit of having your prescription prescriptions covered. Costs and coverage quantities will differ depending on where you reside and which insurance carrier you choose.

What Medicare Advantage Plans Are Available?

Medicare Part C coverages vary depending on the firm that offers your insurance, which is why you should shop around for the options available in your area. These may include the following:

HMOs (Health Maintenance Organization) 

HMOs have a network of doctors and hospitals that members must use for covered treatments. There are tight guidelines in place, including obtaining prior approval to consult a doctor or obtain a prescription. Any provider not on the HMO's list will cost you the full price, and you'll need a doctor's referral to see a specialist.

PPOs (Preferred Provider Organization) 

Beneficiaries can choose from a network of doctors and hospitals under these plans. PPO plans offer you to choose among outside-the-network doctors, but you may incur out-of-pocket costs. To see a specialist, you usually don't need a doctor's referral.

PFFSs are a type of PFFS (Private Fee-for-Service)

You can see any doctor or hospital that has been approved by Medicare under this plan, but only if the doctor agrees to the payment terms and conditions. You must identify a provider that has a contract with the plan each time you seek care.

Special Needs Plans (SNPs)

These plans are only available to those with chronic illnesses, who have been institutionalized, or who are eligible for both Medicaid and Medicare. The plan is tailored to the applicant's needs, including provider options, benefits, and prescription medicine.

MSAs (Medicare Medical Savings Accounts) are a type of account that allows you to save money on your healthcare.

This plan combines medical savings account with a Medicare Advantage plan with a high deductible. Before the deductible is met, MSA plans will deposit money into a person's savings account, which can be used to pay for medical visits and other expenses. Once the deductible is met, the plan begins to pay for the treatments that Medicare covers.

MSAs do not cover prescription drugs, therefore you'll need to purchase a separate Medicare Prescription Drug Plan.

Is a Medicare Advantage Plan Right For You?

You can only be eligible for Medicare Part C if you have Original Medicare's Part A and Part B policies. If you satisfy the following criteria, you can enroll in one of these Medicare Advantage plans:

  • Living in a region where it provides services
  • Haven't been told you have end-stage renal disease

Enrolling in a Special Needs Plan aimed for end-stage renal illness is one exemption to the eligibility requirements. Eligibility for Medicare C is contingent on a variety of factors. You can phone the Medicare office at 1-800-633-4227 at any time of day or night to see if you qualify.

Before enrolling in a Medicare Advantage plan, people with other healthcare coverage should contact their plan's sponsor. If you switch to a Medicare Advantage Plan, several healthcare insurances will no longer cover you. If you choose to terminate your Medicare Part C coverage, you may discover that you are unable to return to your old plan.

Do some study to determine which plan is best for you and your circumstances.