Medicare Advantage Plans (Part C)
Medicare Advantage plans are benefit packages designed to work as alternatives to Original Medicare. These “bundled” plans include Medicare Part A (Hospital), Medicare Part B (Medical), and usually Medicare Part D (Prescription Drugs). Some plans offer extra benefits like vision, hearing, and dental coverage. Medicare Advantage Plans are often referred to as Medicare Replacement Plans. They are required to offer at least as much as Original Medicare covers but often include attractive add-ons along with 'creditable' prescription drug plans.
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While these plans are becoming more popular, there are many moving parts and it is important that you understand everything about them. We make it easy for you to make the best decision and help you think through how to choose the best Medicare Advantage plan to suit your needs.
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Medicare Advantage Plans have become very popular partly due their low, sometimes $0, monthly premiums, low co-pays and prescription drug coverage. Add-ons like dental, vision, hearing, hearing aides, over-the-counter stipends, free fitness programs and clubs like Silver Sneakers have served to sweeten these options. Benefits are not consistent across carriers so, side by side comparisons will enable you to visualize the differences that will enable you to choose wisely.
Medicare Advantage in Massachusetts
Massachusetts is a 'Guaranteed Issue' state where you cannot be declined the Medicare coverage plan you choose.
When you turn 65 and sign up for Medicare Parts A & B you can choose either a Medicare Advantage plan or a Medicare Supplement. You will be entitled to coverage under these plans as long as you choose to be covered by that specific plan. You cannot be terminated by a carrier unless that specific plan is discontinued. Annual Enrollment Periods allow you to reassess each year and to jump into a new plan if you so choose!
Enrollment Periods: Initial Coverage Election Period
Your Initial Coverage Election Period is the first time you can enroll in a Medicare Advantage plan. In order to begin your Initial Coverage Election Period, you must have Medicare Parts A & B. You can enroll in Medicare during your Initial Enrollment Period and simultaneously enroll in a Medicare Advantage plan using your Initial Coverage Election Period. Your Initial Coverage Election Period lasts seven months. If you delay your Medicare Part B effective date until after you turn 65, your Initial Coverage Election Period will run three months before the month you elect Medicare Part B and three months after the month you elect Medicare Part B.
