When most seniors turn 65, they become eligible for Medicare. Original Medicare consists of Part A (hospital insurance) and Part B (medical insurance) coverage. Also called Part C or MA Plans, Medicare Advantage plans are a different way of obtaining access to this coverage. Seniors can sign up for Medicare Advantage plans through Medicare-approved private companies that must follow rules set by Medicare. (Annual Enrollment Period starts this week!)
When seniors choose Medicare Advantage insurance, they receive both Part A and Part B coverage through their MA Plan. Part A is free to most seniors while Part B comes with a monthly premium. When a Medicare Advantage plan is chosen, Medicare pays a set monthly amount toward their care.
PBC is proud to represent more Medicare Advantage plans than anyone else in Hawaii because it allows us to truly provide unbiased Medicare advice. If you have any questions about your Original Medicare or Medicare Advantage options – including supplemental plans; we are here to help!
The most common types of Medicare Advantage Plans
Medicare Advantage plans are offered by a variety of private health insurance companies and are available through the Medicare agencies that represent them. According to Medicare.gov, these are the most common types of Medicare Advantage plans:
Health Maintenance Organization (HMO) Plans
Preferred Provider Organization (PPO) Plans
Private Fee-for-Service (PFFS) Plans
Special Needs Plans (SNPs)
Some of the less common Medicare Advantage plans include:
HMO Point of Service (HMOPOS) Plans
Medicare Medical Savings Account (MSA) Plan