Is a Medicare Advantage Plan (MAPD) Right for You?
A Medicare Advantage Plan or MAPD is another way to acquire Medicare coverage. Sometimes referred to as “Part C” or “MA Plans”, this type of plan is offered by private companies that are Medicare-approved. Unlike Original Medicare, availing of this type of plan means you will receive most of your hospital and medical insurance coverage from the Medicare Advantage Plan.
As a trusted insurance advisor in Troy, Michigan, we will share vital information about the Medicare Advantage Plan so you can make an informed decision:
- How does it work?
Once you join a Medicare Advantage insurance plan in Michigan, Medicare pays a fixed amount of coverage per month to the private company that offers the said plan. This type of insurance plan typically offers yearly contracts with Medicare and requires that the private company listed complies with the company’s coverage rules.
Additionally, the plan is required to notify you of any changes be made before the start of the next enrollment period. The advantage of choosing this type of plan is having the same rights and protections that you would typically have under the Original Medicare plan.
- What type of coverage does it provide?
Medicare Advantage plans cover both hospital insurance and medical insurance, including emergency and urgent care. More than that, some Medicare Advantage Plans also offer extra coverage for different types of services. This includes coverage for hearing, dental, vision, and similar health and wellness programs.
It’s important to note, however, that plans have a yearly limit when it comes to the amount you pay out-of-pocket to hospital and medical covered services. Upon reaching your plan’s limit, you no longer have to pay out-of-pocket for hospital and medical covered services for the rest of the year.
- Who is eligible for a Medicare Advantage Plan?
Individuals who can join a Medicare Advantage Plan are those who:
- Have hospital insurance and medical insurance
- Reside in the plan’s service area
- Have a U.S. citizenship/U.S. national/lawfully residing in the U.S.
- Don’t have an End-Stage Renal Disease (ESRD)
With all this in mind, do you think the Medicare Advantage Plan is right for you? If so, get in touch with us for more detailed information.
American Insurance Advisors is a long-established, reputable insurance advisor offering several types of insurance plans in Michigan. From life insurance to income protection, we have the resources and industry insight to help you find the most ideal plan that suits your needs and lifestyle. Backed by over 16 years’ experience, we are more than happy to assist you. Feel free to browse our blog for similar content or get in touch with us for more info about our services.