What Is a Medicare Managed Care Plan?
Medicare Managed Plan, also known as Medicare Advantage, helps cover the costs that Medicare does not pay. It essentially exists to fill in the gaps that Medicare recipients might experience. Medicare approves several health insurance companies to take part.
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Plans
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The original Medicare is an 80/20 split, which means the patient pays 20 percent for health services received and Medicare pays 80 percent.
Features
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A Managed Care is an HMO or PPO, and the patient pays just co-pays for services received. Medicare approves various insurance companies to "manage" the Medicare recipient's benefits.
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Significance
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Nearly 9 million Medicare recipients have enrolled in a Managed Care Plan since it began in 2003 as a way to modernize Medicare.
Comparing Plans
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Medicare approved several insurance companies and provides a comparison plan and what exactly is available to each recipient on their website. They also give you the convenience of signing up directly from the site.
Plan Costs
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The Managed Care Plans vary greatly, so it is important to know the facts of the policy before enrolling. Some of them cost nothing per month and some can cost $100 in premiums each month.
Considerations
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It is important to have all the facts when enrolling in a Managed Care Plan because once enrolled, it locks you in for a year. Enrollment period is normally the last six weeks of the year. Another aspect to consider is that the recipient continues to pay the Medicare premiums each month to Medicare in addition to the Managed Care premium, if there is any.
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