What is this?
Medicare Advantage
Medicare Part C—more commonly known as Medicare Advantage—is a private insurance alternative to Original Medicare. Instead of getting your benefits directly from the federal government, you choose to receive your Medicare coverage through a private, Medicare-approved insurance company.
Medicare Advantage Plans provide almost all medically necessary services Original Medicare covers.
Understanding SOME of your cost!
Monthly Premiums
Monthly Premiums
Monthly Premiums
When shopping for a Medicare Advantage (Part C) plan, you will likely notice that many plans advertise a $0 monthly premium. While this sounds too good to be true, these plans are very real—but it is important to understand exactly how they work so you aren't surprised by unexpected bills.
There is no such thing as a completely "free" Medicare plan. Even if you choose a Medicare Advantage plan with a $0 monthly premium, you must continue to pay your standard monthly premium to the federal government for Medicare Part
Cost Share
Monthly Premiums
Monthly Premiums
- Deductible: The amount you must pay out-of-pocket for your healthcare or prescriptions before your insurance plan begins to pay its share.
- Copay: A flat, fixed dollar amount you pay at the counter each time you receive a service (e.g., $10 for a doctor visit or $5 for a prescription).
- Coinsurance: Your share of a medical bill figured as a percentage of the total cost (e.g., you pay 20% for a medical procedure, and the plan pays 80%).
- Out-of-Pocket Maximum (OOP): The ultimate safety net. It is the absolute maximum amount you can spend on medical co-pays in a single year. Once you hit this limit, the plan pays 100% of your medical bills for the rest of the year.