Medicare Advantage

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Medicare Advantage, commonly referred to as Medicare Part C, is a program offered by insurance providers under contract with Medicare to supplement the essential benefits of Original Medicare. There are situations when you won't have to pay more for these extra advantages. Because Medicare really pays the insurance provider a predetermined sum in exchange for giving your healthcare coverage, this is achievable.

So let's look at an Advantage plan's eligibility, enrollment, and benefits.
 

 

Medicare Advantage Eligibility

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You can enroll in an Advantage plan if you qualify for Medicare. Before you may purchase a Medicare Advantage plan, you must be enrolled in both Medicare Parts A and B. You also cannot skip Part B. You will forfeit your Advantage plan if you do this.

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Enrolling in Medicare Advantage

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There are particular windows of time when you can sign up for a Part C plan:

The initial coverage election period is a seven-month window that begins three months before the month you turn 65 and concludes three months after that month. In the 25th month following the start of your Social Security payments, if you are under 65 and receiving Social Security disability benefits, you are eligible for Medicare. You can sign up for an Advantage plan three months before your month of eligibility until three months after you become eligible, if that is how you are becoming eligible for Medicare.
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Annual election period (AEP) — Also known as open enrollment or AEP, the Medicare Advantage annual election period runs from October 15 to December 7 each year. The Part C plan you select at this time will start providing coverage on January 1 of the following year. You can also add, modify, or remove current coverage throughout this period.

Open enrollment for Medicare Advantage plans is available during this time, and you can switch between them or cancel them to go back to Original Medicare.

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Special Election Period — A special election period may be started for a number of reasons, each of which is specific to the individual. If you want to know if you are eligible for a special election period, it is advisable to speak with a registered Medicare insurance agent. We can discuss about a few typical examples, though. You might be eligible for a special election period, for example, if you relocate beyond the coverage area of your Medicare Advantage plan, are eligible for additional assistance (such as a program that pays for your prescription drugs), or move into a nursing home. You have this period to modify your Advantage plan or switch back to Original Medicare.

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