Medicare Advantage – Medicare Supplement Insurance
Whether you are an employer or individual, choosing the right Medicare based plan can be very confusing. We are here to help you through the maze to find the proper solution for you. The Foresight Group is licensed with all the major carriers allowing us to work for you rather than the insurance company.
The Open Enrollment Period runs every year from October 15thuntil December 7th. You may qualify for a Special Enrollment outside of these dates due to things such as turning 65, losing coverage or moving into a new area.
Some Information on Medicare Advantage Plans
Medicare Advantage – or Medicare Part C – allows Medicare beneficiaries to receive Medicare-covered benefits through private health plans instead of through Original Medicare. Advantage plans often include additional benefits – beyond those included in Medicare Part A and Part B – such as prescription drug coverage, dental and vision coverage, and even gym memberships.
Medicare Advantage enrollees pay Part B premiums (deducted from Social Security checks for beneficiaries receiving Social Security) plus the premium for their Medicare Advantage plan. Some Medicare Advantage plans have no premium at all, leaving the beneficiary to only pay the Part B premium. Medicare Advantage plans have built-in caps on out-of-pocket costs, which is not the case for Original medicare.
But Medicare Advantage coverage is typically limited to network of providers, usually in a local area — as opposed to Original Medicare’s nationwide coverage area. An Advantage plan may be an HMO, PPO or private fee-for-service plan, but it must be approved by Medicare and follow its guidelines. During the annual Medicare open enrollment period (October 15 through December 7), Medicare beneficiaries can change Advantage plans, switch from Medicare Advantage back to Original Medicare or vice versa. Changes made during open enrollment are effective on January 1.