Frequently Asked Questions About Medicare Advantage
Your Medicare Advantage Q&A
There are numerous questions and often confusion surrounding Medicare Advantage Plans. They can seem almost too good to be true. Joe Namath appears on TV discussing "The Give Back Benefit," while JJ Evans exclaims "Dyn-O-Mite" again. Many advertisements use the word "free," although that sounds appealing. How can you determine if it's the right choice for you?
Separately, Original Medicare Part A is Hospital Insurance, and Part B is Medical Insurance. Part D has an additional Premium and covers prescription drugs with no other benefits. In contrast, a Medicare Advantage Plan (Part C) is a bundled option that combines Original Medicare Parts A and B with D and additional benefits such as vision, hearing, dental, fitness, and more.
Senior Solutions has been helping folks navigate Medicare since 2018, and our Agents have compiled a comprehensive list of the most frequently asked questions concerning Medicare Advantage Plans.
FAQ
Q. Why would I need a Medicare Advantage Plan?
A. If you have a Medicare Supplement - Medicare Supplements, also known as Medigap, have a monthly premium that increases yearly; eventually, the amount you pay for the premium will exceed the maximum out-of-pocket expense of a Medicare Advantage Plan. In addition, Supplements do not offer additional benefits such as dental, hearing, vision, and more.
Q. Medicaid already pays for everything
A. Yes! However, you do not receive additional dental, vision, hearing, and more benefits. When you have Medicare and Medicaid, you are then "Dual Eligible," which means your Medicare Advantage Plan covers everything you've already received and adds extra goodies.
Q. I have Original Medicare, and I'm good.
A. Yes! You are covered. However, as with the others listed above, you still would not have the additional benefits you receive with a Medicare Advantage Plan.
Q. So how are Premiums $0?
A. The Federal Government contracts with private insurance companies to provide you with a plan. The government pays the insurance company a flat fee through the contract. The insurance company then creates agreements with a network of hospitals/providers, which keep your costs low as long as you stay within the network.
Q. Will it replace my Medicare?
A. No. Instead, Medicare Advantage is an alternative to Original Medicare.
Q. Will my prescriptions be covered?
A. Yes! Medicare Advantage Plans will cover most prescriptions; our Advisors know how to review your medication and pick your best plan. In addition, we are contracted with all major carriers to cover you.
Q. Do I have to change my Doctor (s)?
A. Since we are contracted with all the major carriers, we will find you a plan covering your Doctor (s).
Q. I have a preexisting condition.
A. Not a problem. Medicare Advantage Plans accept preexisting conditions.
Q. What if I don't like it?
A. You can change once per quarter for those with a subsidy; otherwise, you have the Annual Election Period, where you can make changes from October 15th - December 7th, or you have a one-year free look-in period.
Q. What is the Giveback Benefit?
A. Certain Medicare Advantage Plan carriers may offer the Part B Giveback, a Medicare Part B Premium reimbursement. However, not everyone qualifies, and not every carrier offers it. There may be other plans better suited to your needs. Our Advisors strive to become your trusted source of information and agent, ensuring you are in the best available plan.
Overall, the key takeaway for a Medicare Advantage Plan is to have the right Advisor. Every person's situation is unique, and we understand that.
Our licensed advisors are available in 48 states to assist you in person or by phone. We offer a thorough complimentary Medicare Benefits Review, which allows you to compare plans from all the leading insurance carriers and select the most suitable one for your needs.
If you would like to have a free review, please go to: www.bedrockfg.com/sheduleappointment
Or call 833-905-1060
We look forward to working with you!
Please read more below to learn more about The Bedrock Group and all we have to offer.
Want to know more?
At The Bedrock Group, we're a Veteran and First-Responder-owned full-service insurance agency. We provide complimentary consultations and no-cost Medicare reviews. Our home office is located in New Albany, IN. We have a Senior Resource Center in Stanford, KY, and a full-service agency in Asheville, NC. We also offer the following services:
Life Insurance
Wealth Management
Home + Auto
Renter's + Condo + Home Insurance
Medicare Plans
Medicare Advantage Plans
Medicare Supplement (Medigap)
Hospital Indemnity
Final Expense (burial planning)
Mortgage Protection
Business Insurance
Retirement Planning
Medicare Enrollment Help
+ More
If you have Medicare questions, you can call our team at 502-200-1516. If you want to schedule an in-person Medicare Benefits Review, please call 833-905-1060 or go to bedrockfg.com/scheduleappointment.
If you would like a comprehensive overall review, call 833-905-1060.
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