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How Medicare Advantage plans work
Medicare Advantage plans, also known as “Medicare Part C” or “MA Plans” are a channel for individuals to obtain health insurance benefits provided by private insurance companies and approved by Medicare. These plans also cover everything provided by Medicare Part A and Part B along with other benefits such as coverage for prescription drugs, dental, and vision issues.
Medicare sets the rules for the Medicare Advantage plans. Private insurance companies are deposited with money from Medicare every month, which in turn covers your healthcare costs. These plans come in a variety of types with varying benefits such as Medical Savings Account (MSA), Private Fee-For-Service (PFFS), Health Maintenance Organization (HMO), Special Needs Plan (SNPs), Preferred Provider Organization (PPO), and HMO Point-Of-Service (HMOPOS).
Before getting a Medicare Advantage plan, it is important to be aware of its pros and cons. Some of them are listed below. These points will help you decide if a Medicare Advantage plan is the right option for you.
Pros
Cons
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