What is a Medicare Advantage Plan?
A Medicare Advantage plan is an insurance plan from a private insurance company that is contracted with the Federal government to deliver Medicare services. Many of these plans are zero premium, so there is often no additional monthly premium beyond your Part B premium. Medicare Advantage plans often utilize networks to reduce costs, and often include ancillary benefits such as dental, vision, hearing, gym memberships, etc. In addition, Medicare Advantage plans often include prescription drug coverage, so no additional drug plan is needed. Unlike Medicare Supplements, however, Medicare Advantage plans usually require co-pays for various medical services. For example, a visit to your primary care physician might be $0, $5, or $10 depending on the plan. A visit to a specialist might be $25, $35, or $50 depending on the plan.
In general, a Medicare Advantage Plan is a good choice if you have a limited budget and are in reasonably good health.