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Medicare 101: Use Medicare to Your “Advantage”

| August 05, 2019

So far in this series we’ve discussed the basic parts of Medicare and “Medigap” supplement plans.

Now let’s dive deeper into “Medicare Advantage” plans, which package Medicare Parts A and B with additional benefits.

What is a Medicare Advantage Plan?

Also called “Medicare Part C,” a Medicare Advantage plan includes Medicare Parts A and B plus additional benefits like prescription drug coverage (Medicare Part D) and more.

Since their inception in the early 2000’s, they’ve proven popular. In fact, according to the Center for Medicare & Medicaid Services, 42 percent of Medicare beneficiaries have a Medicare Advantage prescription drug plan.

That’s understandable – Medicare Advantage plans cover much more than Original Medicare.

You can get preventive vision, dental, and hearing coverage along with medical coverage. Some plans even cover over-the-counter medicines, telehealth services, and gym memberships.

How do I Get a Medicare Advantage Plan?

Private health insurance companies offer Medicare Advantage plans. Depending on where you live, there could be several choices, because coverage varies by county.

The plans come in many different forms. You can get Medicare Advantage PPOs, HMOs, and more. Of course, coverage and premiums vary between carriers and plans. Thankfully, the plans are standardized, so they follow Medicare rules set by the federal government.

You can sign up for a Medicare Advantage plan when you’re eligible for Medicare. You also have the option of signing up every year during the open enrollment period.

And as of this year, there’s a new annual enrollment period for the program – from January 1 to March 31.

When you’re ready for Medicare, it’s worth considering a Medicare Advantage plan because they offer comprehensive coverage. That said, there are many options available. So, it’s worth getting help to find one that fits your unique situation.

We here at CFS are available to walk you through your options, so please feel free to contact us for a thorough evaluation.

Securities sold through CoreCap Investments, Inc., a registered broker-dealer and member FINRA/SIPC; advisory services offered by CoreCap Advisors, Inc., a registered investment advisor. Cornerstone Financial and CoreCap are separate and unaffiliated entities.