Part C
There is a second way to get Medicare Parts A & B and that is through Medicare Part C. Medicare Part C is commonly referred to as Medicare Advantage. These plans are offered by private insurance companies and must be approved by Medicare. All Medicare Advantage plans must include the same type of benefits offered in Medicare Parts A &B. If you enroll in a Medicare Advantage plan, you are still considered in Medicare even though your Medicare Advantage plan is with a private insurance company.
Frequently Medicare Advantage plans go beyond traditional Medicare and provide additional benefits. Many of these plans include Medicare Part D prescription drug coverage at no additional cost. Additional benefits may include vision, hearing, dental and wellness programs such as a health club membership.
Medicare Advantage plans can have either low or no premiums associated with them. They are somewhat similar to your older employer-sponsored group health plans in that there is cost sharing associated with the medical service in the form of a copay, coinsurance or deductible. There also is a cap on the out-of-pocket costs one can incur as well as a network of doctors and facilities that one must use. These plans deliver their benefits either through an HMO, HMO/POS, PPO or PFFS, all of which are managed care plans. In order to Join a Medicare Advantage plan you must have both Medicare Parts A and B and live in the health plan’s service area.