Medicare Advantage Plans (Part C)

Medicare Advantage Plans, also known as Part C, are distributed through private insurers that are compensated by Medicare for all or part of your premium. Some people think that these plans are "too good to be true" or there is a "catch".  It depends on your definition of "catch" and "too good to be true" here is how they work:

• You may only enroll at certain times referred to as "Open Enrollment" (OEP) or "Initial Election Period" (IEP)
• You are locked into the plan for one year, January 1st - December 1st, except under certain circumstances
• You must continue to pay your Part B premiums, usually $96.40, but can be higher or paid for by your state
• Some plans charge a monthly premium, but many do not
• Some plans offer extra incentives like gym membership, or dental services
• You must have Part A and Part B to enroll
• The only health condition that disqualifies you is end stage kidney renal disease
• Plans offered are HMO, PPO, PFFS (for now), and Medical Savings Accounts
• They come with or without Part D prescription drug coverage
• The plans are so rich in benefits that you do not need supplement coverage
• If you have a Medicare Supplement policy you may keep it, but you can't use it while enrolled in an Advantage Plan
• Your premium if any is the same no matter what your sex, tobacco usage, age, height and weight or medical conditions