Medicare advantage plans are a type of health care plans which are owned by private companies that coordinates your medicare part A and B along with added benefits. It’s the best choice if you want a single provider for all your health services, and do not like to wander. Below are the most common types of Medicare advantage plans provided.
- HEALTH MAINTENANCE ORGANISATION PLANS (HMO)
In this plan, your reach is limited to the doctors, health care providers, and hospitals which fall under the plan’s network. In case you need to see a specialist or get your tests done, you might require a referral from your primary care doctor. Also, if you require healthcare outside the network of the plan, you might have to pay the full price. Check rates for Medicare advantage plans.
- PREFERRED PROVIDER ORGANISATION PLANS (PPO)
The plan has a list of doctors, hospitals, and other health care providers that it covers in its network. If you access one in the network, you would need to pay a lot less. However, if you choose to access a service out of the plan’s network you comparatively have to pay more. There is no primary care doctor, so referrals are not an issue. The PPO plans offer much more benefits than the original medicare. You just have to pay extra for the benefits.
- PRIVATE FEE-FOR-SERVICE PLANS (PFFS)
This plan is similar to the original medicare in the sense that you can generally go to any doctor, other health care provider, or hospital as long as they accept the plans payment terms. However, the percentage of payment is decided by the plan itself. Generally, prescription drugs are included in the plan.
- SPECIAL NEEDS PLAN (SNP)
This plan is somewhat similar to the HMO and PPO plans but limits its membership to certain groups of people. People suffering from specific chronic medical conditions, who live in a nursing home, or those having both Medicare and Medicaid can avail this plan. The plan tailors the customers’ benefits, provider choices, and drug formularies to best meet their interests. All SNP plans must provide prescription drug coverage. This plan coordinates the services and providers you need to help you stay healthy and follow your doctor’s orders.
- HMO POINT-OF-SERVICE PLANS (HMO-POS)
These are HMO plans which provide you with the added benefit of availing services out the plan’s network at a higher copayment.
- MEDICAL SAVINGS ACCOUNT PLANS (MSA)
This plan combines a high deductible medical plan with a medical savings account. This plan deposits Medicare money into the account, which can be used to pay for all the health care services. The plan does not include drug coverage. However, the money deposited is usually less than the amount deducted, so you do have to pay out of your pocket. These Medicare advantage plans are approved through private companies approved by medicare. The costs and benefits would vary by each plan, and not every plan would be available at your location. From a good value monthly premium to the plans star rating, you need to consider all of the factors while comparing your plan options.