What is Medicare Part C (Advantage)?

Posted on March 5, 2024 By Jeff Snyder

We’ve previously covered Medicare Parts A and B, also called Original Medicare, as well as Medicare Part D, but what is Medicare Part C, and why is it usually not included with the other three? Medicare Part C, commonly called Medicare Advantage, is a comprehensive alternative to Original Medicare offered by private insurance companies. Medicare Advantage has become a popular choice among Medicare insurance beneficiaries in recent years.

What Do Medicare Advantage Plans Cover?

What sets Medicare Advantage apart is the additional benefits.

As an alternative to Original Medicare, Medicare Advantage plans must cover all Part A and B services. This means the plan aids in paying for hospital stays and most medical services. Some Medicare Advantage plans also include qualified prescription drug coverage, so you don’t need to purchase a stand-alone Part D drug plan. These plans are marketed as Medicare Advantage Prescription Drug, or MAPD, plans.

What Do Medicare Part C Plans Cost?

Since you’re still enrolled in Medicare, you will still pay any required monthly premiums for Parts A and B. Beyond this, a Medicare Advantage plan’s cost depends on several factors. These factors can be:

• Monthly premiums included in the plan
• Yearly deductibles
• Copayments or coinsurances included in the plan

What Do I Need to Do to Get a Medicare Advantage Plan?

To join a Medicare Advantage plan, you must tick a few boxes. First, you must be enrolled in Original Medicare. You must also live within that plan’s service area.

You have two opportunities to enroll in or make changes to your Medicare Advantage plan. You can first enroll in a Medicare Advantage plan during your Initial Coverage Election Period (ICEP) which runs concurrently to your Initial Enrollment Period (IEP) beginning three months before the month of Medicare eligibility and ending either the last day of the month before Medicare eligibility or the last day of the your Part B IEP, whichever is later.

The primary season to make changes to your plan is the Annual Enrollment Period, which runs from October 15 to December 7. During this period, you can:

• Switch from Original Medicare to a Medicare Advantage plan
  OR
• Switch from a Medicare Advantage plan to Original Medicare
  OR
• Switch from one Medicare Advantage plan to another

The Medicare Advantage Open Enrollment Period runs from January 1 to March 31, allowing plan holders to make a one-time switch to a different Medicare Advantage plan or return to Original Medicare.

This entry was posted in Medicare Insurance and Tagged Chastain Agency LLC, Gainesville GA