The private companies approved by Medicare offer the Medicare Advantage Plan. The beneficiary who joins the Medicare Advantage Plan still has the Medicare. In Medicare Advantage Plan you will get:
- Medicare part A (Hospital Insurance)
- Medicare part B (Medical Insurance)
When you decide to get your Medicare coverage, you may choose, the Medicare prescription drug coverage or Medicare Advantage Plan. If you have the original Medicare, the government pays for the Medicare benefits. Medicare pays the private companies that offer MA Plans to cover your Medicare benefits. Well, it is a bit different from the Medicare Supplement Insurance.
Medicare Advantage Plan covers all Medicare services:
The Medicare Advantage Plan must cover all the services original Medicare covers. Remember that in Medicare Advantage Plan you are always covered for emergency needed care. To make sure that what services are covered under this plan before getting that particular service, you should check with your provider.
It is interesting to know that the most MA Plans offer extra coverage that includes:
- Wellness programs
- Health programs
You should also be aware of the fact that in the year 2018 the premium amount of standard Part B is $134 or higher (it depends on your income). But the people who obtain the social security remuneration will pay less.
Medicare Advantage Disenrollment Period:
Medicare Advantage Disenrollment Period is when you can disenroll from MA Plan and return to the original Medicare. But it is highly imperative to mention here that you can only disenroll during certain times of the year. There are the particular times when can sign up for these plans or make changes. Although you do not need to sign up for Medicare every year, however, you will get a chance to review your coverage every year. Every year from 1st January to 14th February is the period in which you can analyze and switch your MA Plan.
In other words, if you have Medicare health plan with drug coverage, then you can switch to original Medicare and with or without prescription drug plan. Similarly, if you have the Medicare private fee for plan that does not include MA and PDP then you can switch to original Medicare but continue your current prescription drug plan. In fact, you must have to keep the PD Plan. In case of having an original Medicare or PD Plan and Original Medicare you cannot change your plan during the MA disenrollment period.
How to switch?
The process of switching to the other plan is not that difficult. Join the Plan you have picked during the enrollment period, and you will be automatically disenrolled from the previous Plan. In case you have other coverage, then talk to your union, or employer to know about the rules. You should do this before joining a Medicare Advantage Plan. It is necessary to understand that MA Plan may cause you lose employer/union coverage. You can lose coverage for your spouse as well if you drop coverage for yourself.