Medicare Advantage Plans

Medicare Advantage plans are offered by private companies (Medicare-approved) as an alternative to Original Medicare. They follow the same Medicare rules and regulations and include the same coverage Medicare Part A and Part B. In addition, many Medicare Advantage Plans include a Part D drug coverage plan.

One of the main differences between these plans comes is where they originate: Original Medicare is federally run and Medicare Advantage is a product of a private company.

The other main difference is the way that you select your coverage. Original Medicare works very much like a buffet-style restaurant where you can peruse the options and decide what you want to eat. Conversely, Medicare Advantage is more of a prefixed meal with a set menu presented in a comprehensive insurance plan.

Dates to Remember

If feel that a Medicare Advantage plan might be right for, keep these dates in mind:

• October 15: This is the day the annual election period begins.
• December 7th: it’s the last day you can enroll in Medicare Advantage to have it take effect the next year.
  
• January 1st: the first day your Medicare Advantage Plan and Part D Prescription Drug will be in effect.