2016 Medicare Advantage Plans
If you would like to receive most of your medical insurance coverage through a private company rather than through Medicare, you can sign up for one of several Medicare Advantage Plans in 2016. These plans offer very similar coverage to original Medicare, and they have to follow a set of guidelines decided by Medicare.
These advantage plans are only for people who are already enrolled in Medicare. In other words you must have Medicare Part A and B to qualify for an Advantage plan. Other requirements for enrollment in these plans include living in the same network area as the provider offering the plan and that you do not have end stage renal disease. If you meet those qualifications, there should be no reason for you not to be accepted.
Do Medicare Advantage Plans in 2016 Cover Prescriptions?
Most Medicare Advantage Plans have prescription drug coverage built in to the plan. This isn’t always the case as you may have what is called a stand-alone Part D plan.
When Can You Enroll in a Plan?
Many people join an advantage plan when first turning 65. This is called the open enrollment period in which you have six months to sign up for a plan. After you are enrolled, if you wish to change plans you must wait for the Annual election period which occurs each year from October 15th – December 7th. During this time you can switch plans, or return to Original Medicare. For this year you won’t be able to switch out your plan or join in new Medicare Advantage Plans for 2016 outside of that enrollment period.
Compare 2016 Medicare Advantage Plans In Your Area
Type of Plans Available
There are a few different types of advantage plans. HMOs (Health Maintenance Organization) operate within a network of doctors and hospitals. In most cases, you can only go to those approved locations unless there is some sort of emergency. If you go to someone outside the network, then your coverage will not be valid.
PPOs (Preferred Provider Organization) offer you the chance to save money by going to specified doctors and other healthcare providers. You can still be covered when you go to those that are not on the list of approved providers, but you will pay a bit more.
PPFS (Private Fee for Service) Plans do not have an approved list of providers. Instead, you get to choose any provider you want. The drawback to that is that only some of them will accept the PPFS plan, and then they decide for themselves how much will be covered and how much you have to pay.
SNPs (Special Needs Plans) are designed for people who have specific disabilities and diseases. The list of accepted providers is based on the needs of the subscriber and who will best be able to meet their needs.
Every advantage plan operates on a network. What this means is that the approved healthcare providers will all be located within a specific area. And you will have to live in the local area to be covered under a specific plan. If you move to a new area, you may be required to change your plan or insurance provider, depending on where you moved and what kind of network the plan operates on.
You should keep all of this in minds when looking at Medicare Advantage Plans for 2016. Enter your state below to start shopping and saving money for the best coverage now!