Medicare Advantage Plans in Florida: The facts
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Medicare advantage plans, or Medicare Part C, are plans approved by Medicare but are offered by private insurance companies. All Medicare Advantage plans cover the everything under Part A and Part B (original Medicare plans), may sometimes include Part D, and offer extra coverage such as medical support for dental, visual, and hearing services. Unlike Parts A and B that are offered only by Medicare, the extra coverage and costs covered are different for each plan. Thus, there are more factors to consider when choosing a Medicare advantage plan that will suit your needs.
There are different types of Medicare Advantage plans. There are HMO (or Health Maintenance Organization, which is the best deal for your money but is only applicable for doctors on the plan's list) plans, PPO (or Preferred Provider Organization, which charges less for the doctors in the plan's list but allows you to consult other doctors) plans, PFFS (or Private Fee-for-Service, which can be used on all doctors, but is not approved by all doctors) plans, and SNP, or Special Needs Plans, for people who need specialized packages. MSA plans, or the Medical Savings Account plans, are less commonly seen than the previous four plans mentioned.
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Perhaps the most important factor in deciding which Medicare advantage plan to avail is if you can use it. If you already have doctors, ask them what plans they consider. Otherwise, find a plan that cover doctors and hospitals near your home in Florida. Most Medicare advantage plans can only be availed when consulting a doctor in its network. Also inquire what costs are covered when you get involved in an emergency without any in-network doctors available. Depending on the Medical Advantage plan, going to a doctor or facility not included in the plan’s network can result to higher costs.
Another important factor is the cost. However, you should factor other costs aside from premiums when choosing your Medicare Advantage plan. Also consider out-of-pocket costs such as co-payments, deductibles, and medical coverage. The expenses presented in these plans are often averages, so you would need to choose one that fits your needs.
Some plans also cover drugs, or is better known as the Medicare prescription drug coverage (or Medicare Part D). If this is the case and you already have a pre-existing condition, check to see if your drugs are included in the plan’s list.
Getting a Medicare Advantage plan can possibly void your retiree coverage. If you are nearing your retirement, consult your HR department to check if it will invalidate your retiree coverage.
There are many insurance companies offering Medical advantage plans in Florida, but not all of these plans are the same. Before signing up, you should compare plans that are available in Florida. Check to see if the company you seek is stable and can be trusted.
When you have already chosen a Medicare Advantage plan in Florida, note even though you did not choose the original Medicare plan, you are also covered by the rights and protection of Medicare. As such, you can also appeal to your insurance provider if something goes wrong.
If you are having trouble choosing your Medicare Advantage plan, you can research in the Internet about which companies are offering this plan in Florida.
Knowing the facts about Medicare coverage
Did you know there may be penalties for not enrolling? Did you know if you refuse Medicare you could have your social security benefits reduced?
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