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 |

Free Retirement Guide

It's never too soon to start preparing for retirement. But do you know what to look out for? Download our free ebook, "Retire Happy: A Simple Guide to Your Next Big Adventure."



Thank you! Oops!
 

Related Content

401(k) Plans Are Not Just for Big Businesses

401(k) Plans Are Not Just for Big Businesses

Many small businesses are one person businesses.

Is it Too Late to Plan for Retirement?

Is it Too Late to Plan for Retirement?

These financial strategies can get you on track even if it feels too late to plan for retirement.

How Income Taxes Work

How Income Taxes Work

A quick look at how federal income taxes work.

 

Have A Question About This Topic?







Thank you! Oops!

Filing Final Tax Returns for the Deceased

The federal government requires deceased individuals to file a final income tax return.

The Big Picture–Little Focus on Big Issues

If the stock market is hitting record highs, why aren’t money managers feeling the love?

Insurance Needs of Small Business Owners

The dreams of small business owners and the business plans that outline the strategy to fulfill those dreams rarely include the insurance protections that business owners will need. Yet, having adequate protection can...

View all articles

My Retirement Savings

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

Taxable vs. Tax-Deferred Savings

Use this calculator to compare the future value of investments with different tax consequences.

What Is the Dividend Yield?

This calculator helps determine your pre-tax and after-tax dividend yield on a particular stock.

View all calculators

5 Smart Investing Principles

Principles that can help create a portfolio designed to pursue investment goals.

An Inside Look at Retirement Living

A number of questions and concerns need to be addressed to help you better prepare for retirement living.

5 Smart Investing Strategies

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

View all presentations

Global and International Funds

Investors seeking world investments can choose between global and international funds. What's the difference?

The Real Cost of a Vacation Home

What if instead of buying that vacation home, you invested the money?

Inflation and Your Portfolio

Even low inflation rates can pose a threat to investment returns.

View all videos