Also known as Part C plans or Medicare Replacement Plans, Medicare Advantage (MA) plans are offered by private insurance companies that contract with Medicare to help with the costs left behind by Medicare Part A and B. Copays are often smaller than those of Original Medicare, and most importantly they have all have a maximum out of pocket.
Medicare advantage plans are contracted with Medicare each year and can and often change year to year, that is one reason why a Medicare Advantage plan is subject to the annual enrollment period each year- typically from October 15th through December 7th. There is also an opportunity for MAPD members to change or disenroll from their plan from January 1 – March31. Medicare Advantage plans are mostly HMO based network type plans and coverage and plan availability varies depending on your residence. Many Medicare Advantage plans have prescription plans included and also have some additional benefits that are not part of original Medicare like gym memberships or vision and dental.