- Understanding Medicare Advantage IntroLesson 11:13
- Medicare Advantage BasicsLesson 21:32
- Types of Medicare Advantage PlansLesson 36:23
- Medicare Advantage CostsLesson 43:24
- Enrollment PeriodsLesson 56:57
- Medicare Advantage vs. Medicare SupplementLesson 64:05
- Requirements to Sell Medicare Advantage PlansLesson 72:19
- Next StepsLesson 80:45
Medicare Advantage Basics
What is a Medicare Advantage plan?
Also known as Medicare Part C or MA plans, Medicare Advantage is a privately offered health insurance coverage. These plans are federally regulated by the Centers for Medicare & Medicaid Services, or CMS for short.
At their base, a Medicare Advantage plan must cover all services covered under Original Medicare; however, many plans offer additional benefits not covered under Original Medicare, such as prescription drug benefits, dental benefits, or fitness memberships.
Most MA plans work with a select group of doctors, hospitals, and other providers called a network. By doing so, these plans are able to negotiate what they’ll pay to their in-network providers for medical services. Because of this, MA beneficiaries tend to have lower out-of-pocket costs.
Similar to stand-alone prescription drug plans, Medicare Advantage plans that include prescription coverage are going to have a formulary that lists out their covered prescriptions, often in a tiered cost structure.
Now that we know a bit more about them, who’s eligible for Medicare Advantage plans?
To be eligible for an MA plan, your clients must be enrolled in Part A and Part B.
That should cover the basics. Let’s head over to the next lesson to learn more about the different types of Medicare Advantage plans.
