What is Medicare Advantage?
Medicare Advantage is an insurance option available to qualified seniors that replaces traditional Medicare benefits with insurance plans administered by private companies under contract with the federal government.
TRADITIONAL MEDICARE
Part A + Part B
- Inpatient hospital care
- Skilled nursing care
- Provider services (if the provider accepts Medicare)
To help cover the cost of copays, coinsurance, and other out-of-pocket expenses for vision, dental, and hearing, Medigap plans can be added. Adding a Part D plan rounds out coverage by paying for prescription drugs.
MEDICARE ADVANTAGE
Part C
Covers most medical care (similar to the coverage provided by Parts A and B in traditional Medicare)
Often covers prescription drugs, vision, dental, and hearing
Monthly premiums may be lower, but copays and coinsurance are still a factor.
What’s the Catch?
At a glance, Medicare Advantage plans appear to offer similar coverage to that provided by traditional Medicare in a simpler package and at a lower cost. However, simplicity and lower monthly premiums typically come with tradeoffs.
The Main Message:
Do the research before deciding between a Medicare Advantage plan and a traditional Medicare plan. What appears to be a good deal may end up costing more or make getting health care more challenging. A thorough review of your coverage options is worth the effort. As always, anticipating your potential health care needs in the year ahead can help you choose the plan that is truly best for you.
Medicare Advantage Fact Sheet
We are providing this fact sheet on Medicare Advantage to help you make an informed decision about your healthcare coverage. The information was developed by the Colorado Hospital Association, in cooperation with the Kansas Hospital Association.
Click to download the PDF fact sheet.
