Medicare Advantage Plans are Medicare-approved plans offered by private companies that provide an alternative to Original Medicare for health and drug coverage. These plans include Part A, Part B, and usually Part D, and in most cases, you can only use doctors who are in the plan’s network. Medicare Advantage Plans may have lower out-of-pocket costs than Original Medicare, and they may cover things that Original Medicare doesnt cover, such as fitness programs, vision, hearing, and dental services.
In 2023, Medicare Advantage Plans will continue to provide all of your Part A and Part B benefits, including new benefits that come from laws or Medicare policy decisions. Most plans include Medicare drug coverage (Part D), and you usually pay a monthly premium for the Medicare Advantage Plan. In 2023, the standard Part B premium amount is $164.90 ($174.70 in 2024) (or higher depending on your income) .
Medicare Advantage Plans can charge different out-of-pocket costs and have different rules for how you get services, such as whether you need a referral to see a specialist or whether you have to go to doctors, facilities, or suppliers that belong to the plan’s network for non-emergency or non-urgent care. These rules can change each year, and the plan must notify you about any changes before the start of the next enrollment year.
In 2023, 97% of Medicare Advantage enrollees in individual plans open for general enrollment are in plans that offer prescription drug coverage. Between 2022 and 2023, total Medicare Advantage enrollment grew by about 2.3 million beneficiaries, or 8 percent, and the Congressional Budget Office (CBO) projects that the share of all Medicare beneficiaries enrolled in Medicare Advantage plans will rise to 62 percent by 2033.
Some Medicare Advantage plans may offer additional benefits to certain chronically-ill enrollees, providing benefits customized to treat specific conditions. Medicare Advantage plans may also limit provider networks and require prior authorization for certain services, subject to federal requirements.
In summary, Medicare Advantage Plans are Medicare-approved plans offered by private companies that provide an alternative to Original Medicare for health and drug coverage. They may have lower out-of-pocket costs than Original Medicare and may cover things that Original Medicare doesnt cover. Medicare Advantage Plans can charge different out-of-pocket costs and have different rules for how you get services, and these rules can change each year. In 2023, most Medicare Advantage plans include prescription drug coverage, and to...
