Medicare pays premiums on your behalf to the insurance carrier. In addition, you may have to pay additional premium to the insurance carrier you sign up with depending upon the plan you wish to buy. Typically, a Medicare Advantage Plan with Prescription Drugs Plan has following coverage of financial risks:
The policies have full coverage of defined Medicare Part A, Part B, and Part D.
Each plan has its defined cost sharing of deductible, copayment, coinsurance, maximum ‘Out-of-Pocket’ expense on annual basis [typically $6,700], and the insurer’s service area where it is available. This combination varies over large spectrum of choices by insurance carriers, and so do the insurance premiums for large variety of plans and their availability in area where you live.
- The Part D coverage is defined for deductible and coinsurance. The levels of expense have its own account depending upon the plan.
- There are ‘add-on’ benefits like basic dental and vision and sometimes-free membership of fitness clubs and gyms to encourage you to stay healthy.
- The preventive services are free.
- Sharing for drugs’ coverage that is built into the plan generally works similar to cost sharing in stand-alone Medicare Part D plans.
- You cannot combine stand-alone prescription drugs plan with coordinated care Medicare Advantage plan. You can however combine stand-alone prescription drugs plan with a Private Fee for Service [PFFS] or a Medical Savings Account [MSA].