If the offering of Original Medicare doesn’t suit your health care needs, you may be interested in a Medicare Advantage plan. Advantage plans often have prescription drug coverage included in the policy. The ones that do include drug coverage are called Medicare Advantage Prescription Drug Plans (MA-PD). If you are planning to enroll in Medicare Advantage, this is what you need to know about MA-PD plans.
Medicare Advantage Prescription Drug Plans
If you have a Medicare Advantage plan, you will receive the same Part A and Part B benefits as you would with an Original Medicare policy, except your benefits will be served through a third-party provider. Another difference between Original and Advantage Medicare plans lies in how you acquire prescription drug coverage. With Original Medicare, you will need to apply for Part D coverage, while with an Advantage plan, the coverage is often built into your policy.
How Common Are MA-PD Plans?
MA-PD plans make up a majority of Medicare Advantage plans currently available in the market. As of 2017, approximately 88 percent of Medicare Advantage plans included prescription drug coverage. These plans include Part A, B, and D coverage all under a single policy.
MA-PD Plan Costs
Medicare plans are reasonably affordable, whether you opt for an Original policy or an Advantage plan. Part B monthly premiums change annually but typically fall in a range between $100 and $200. MA-PD plans will likely cost around the same amount but may be available for less in some areas.
The price of your MA-PD plan will also fluctuate based on the level of coverage your insurer provides. Some Medicare Advantage plans include unique benefits, such as dental assistance and vision coverage. These supplemental benefits will impact the total cost of your policy, so shop with your ideal price point in mind.
Types of MA-PD Plans
There are several types of MA-PD plans available currently. The options include HMO-POS, PPO, PFFS, SNP, MSA, and MMP. Here are some details about each type of policy.
- HMO-POS – A more flexible health care plan that allows you to seek care outside of your plan’s standard network.
- PPO – A less restrictive network of providers with higher cost-sharing when visiting providers outside of your network.
- PFFS – The most flexible network, allowing policyholders to go to almost any health care provider that accepts Medicare.
- SNP – Specialized plans that are designed for people with chronic conditions or unique needs.
- MSA – These plans include a spending account that you can use to pay for excess health care costs.
- MMP – Unique policies that offer integrated care to eligible full-benefit Medicare-Medicaid enrollees.
Find An MA-PD Plan
If you need help finding an MA-PD plan, get professional help. The experts at The Fussell Group Insurance Advisors are here for you. Contact us now to get help finding a Medicare Advantage Prescription Drug plan.