Medicare Advantage Insurance Plans are health plan options (like an HMO or PPO) approved by Medicare and offered by private companies. These plans are part of Medicare and are sometimes called Part C or MA Plans. Medicare pays a fixed amount for your care every month to the companies offering Medicare Advantage Plans. These companies must follow rules set by Medicare.
Medicare Advantage Plans provide all of your Part A (hospital insurance) and Part B (medical insurance) coverage. This means they must cover at least all of the services that Original Medicare covers. However, each Medicare Advantage Plan can charge different out-of-pocket costs such as co-payments, co-insurance or deductibles.
You can join, switch or drop a Medicare Advantage Plan at the following times:
When you first become eligible for Medicare (3 months before you turn age 65 to 3 months after the month you turn age 65)
If you get Medicare due to a disability, you can join during the 3 months before to 3 months after your 25th month of disability
Between October 15 to December 7 each year; your coverage will begin on January 1 of the following year
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