Frequently Asked Medicare Advantage Plan Questions
Updated: Nov 9, 2022
Your Medicare Advantage Q&A
There are so many questions and often a lot of confusion when it comes to Medicare Advantage Plans. They also sound like they’re just too good to be true. There’s Joe Namath on the TV talking about “The Give Back Benefit” JJ Evans is saying Dyn-O-Mite again, and even though that all sounds good, how do you know if it is right for you?
Separately, Medicare Part A is Hospital Insurance, and Part B is Medical Insurance, Part D comes with an additional Premium and covers prescription drugs with no other benefits. In contrast, a Medicare Advantage Plan (Part C) is a bundled option that combines Original Medicare Parts A, B with D and additional benefits such as vision, hearing, dental, fitness, and more.
With over a combined 30 years of experience in Medicare, our Agents have compiled a comprehensive list of the most frequently asked questions concerning Medicare Advantage Plans.
Why would I need a Medicare Advantage Plan?
If you have a Medicare Supplement - Medicare Supplements, also knows as Medigap, have a monthly premium that increases every year; eventually, the amount you pay for the premium will exceed the maximum out-of-pocket expense of a Medicare Advantage Plan. In addition, Supplements do not offer additional benefits such as dental, hearing, vision, and more.
Medicaid already pays for everything - Yes! However, you do not receive additional benefits such as dental, vision, hearing, and more. When you have Medicare and Medicaid, you are then “Dual Eligible,” which means your Medicare Advantage Plan covers everything you’ve already been receiving and adds extra goodies as well.
I have Original Medicare, I'm good. - Yes! You are covered. However, as with the others listed above, you still would not have the additional benefits you receive with a Medicare Advantage Plan.
So how are Premiums $0?
The Federal Government contracts with private insurance companies to provide you with a plan. Through the contract, the government pays a flat fee to the insurance company. The insurance company then creates agreements with a network of hospitals/providers, which keep your costs low as long as you stay within the network.
Will it replace my Medicare?
No. Instead Medicare Advantage is an alternative to Original Medicare.
Will my prescriptions be covered?
Yes! Medicare Advantage Plans will cover most prescriptions; our Advisors know to go over your medication and pick the best plan for you. In addition, we are contracted with all major carriers so that you are covered.
Do I have to change my Doctor (s)?
Since we are contracted with all the major carriers, we will find you a plan covering your Doctor (s).
I have a preexisting condition.
Not a problem, Medicare Advantage Plans accept preexisting conditions.
What if I don’t like it?
You can make a change once per quarter for those with a subsidy; otherwise, you have the Annual Election Period where you can make changes from October 15th - December 7th, or you have a one-year free look-in period.
What is the Give-Back Benefit?
Certain Medicare Advantage Plan carriers may offer the Part B giveback, a Medicare Part B Premium reimbursement. However, not everyone qualifies, and not every carrier offers it. There may be other plans better suited for your needs. Our Advisors strive to become your trusted source of information, and your agent, which means they will make sure you are in the best available plan for you.
Overall, the key takeaway for a Medicare Advantage Plan is to have the right Advisor. Every person’s situation is unique, and we understand that.
The new benefits for 2022 are available, and we are setting up complimentary Medicare Benefit Reviews starting October 1st. If you would like to reserve a spot to go over the 2022 Plans, please send an email to email@example.com
At Senior Solutions, we understand how confusing #Medicare and #Retirement can be, but it does not have to be. Our Agents are continuously educated with the most relevant and up-to-date information. We’re also contracted with every major Carrier and licensed with both health and life insurance. We hope to become the trusted Advisor you so deserve through your retirement.
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