Medicare Advantage Resource
Have you been considering Medicare Advantage in Colorado? While Original Medicare can be straight forward, there are a good bit of moving parts when it comes to a Medicare Advantage plan.
In today’s article, we’ll explore the following:
- What is Medicare Advantage and how it works
- Common questions that people ask about Medicare Advantage
- The most common types of Medicare Advantage plans.
- What to look for and how to evaluate the different plans of Medicare Advantage in Colorado.
Medicare Advantage Plans
Before we jump into what Medicare Advantage is, it’s important to understand what “Original Medicare” covers.
When we talk about “Original Medical” we’re talking about the government ran health insurance program. Most people know this as Part A and Part B. Unlike Medicare Advantage Plans, “Original Medicare” use Medigap plans, or Medicare Supplements, to cover the gaps in coverage.
Medicare Advantage, also known as “Part C” is the private insurance administration of the Medicare program. Instead of the federal government overseeing the program, insurance companies, such as United, Humana, and Devoted actually oversee your healthcare costs.
How Does Medicare Advantage Work?
Medicare Advantage is required to offer the exact same benefits as “Original Medicare” but private insurance companies are allowed to establish multiple cost-saving measures that the Federal Program does not have. These can include the following:
- Networks
- May Need Prior Authorization for services
- Additional Cost Sharing measures (such as co-pays, co-insurance, and deductibles.)
You are still responsible to pay any Part A or Part B premiums you may have. However, Medicare Advantage plans may have additional services that “Original Medicare” may not cover, like routine vision, dental, or hearing services.
The best way to think of Medicare Advantage in Colorado is to think of it similarly to work-based insurance.
Cost of Medicare Advantage Plans
Medicare Advantage plans can offer different benefits and premiums depending on the county or region you live in. In fact, Medicare Advantage plans can be excluded from different regions throughout the state.
Some Medicare Advantage plans can have no premium from the insurance company, but you will always be responsible for the Part B monthly premium from Medicare.
The last thing you need to know about Medicare Advantage plans may change every year.
It’s important to work with a licensed specialist when it comes to Medicare Advantage to ensure you’re getting the benefits that best fit your needs. A licensed specialist should also serve an annual resource for you to make sure that you have the best plan in the future.
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