Since 1965, when Medicare was signed into law, the program has undergone some significant changes and welcomed some additions in the quest to improve the quality of care that people receive under the program. One of the most popular recent additions to the program has been the Medicare Advantage Plan.
Part of the Balanced Budget Act of 1997, the Medicare Advantage Plan allows Medicare beneficiaries to receive their benefits through private health insurance plans, as opposed to the original Medicare Plans (Parts A & B). This particular plan allows beneficiaries the option of receiving insurance through the private plan of their choice. While these plans are often limited to a specific network of doctors, most companies allow you to pay an additional fee to see a doctor outside of the specified network. This allows beneficiaries to receive the care they want from the doctors they want and still receive their Medicare benefits, albeit in a different way.
The Medicare Advantage Plan also allows for a little more flexibility than traditional Medicare does. This plan includes prescription drug coverage, and beneficiaries can choose Advantage plans that include dental and vision care as well as health club or gym memberships. The plan places a heavy emphasis on preventive care. These advantages come with the condition that you must stay in-network for your care, but many beneficiaries find this trade-off more than reasonable. Overall, those who decide to participate in Medicare Advantage generally do so because they see the Advantage Plan as a better value than traditional Medicare.
But the Medicare Advantage Plan is not perfect. Many people who were originally enrolled in Medicare Advantage have since switched back to traditional Medicare. The most common complaint of former Advantage Plan holders was that the quality of Medicare was less than satisfactory. If you think that Medicare Advantage sounds like the right plan for you, be sure to talk it over with your healthcare provider and, if you can, an insurance professional to make sure that you understand the differences between traditional Medicare and Medicare Advantage and the effects that each plan will have on your healthcare.
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