Different Terms That Will Help You Understand Medicare Advantage Plans

Looking at the plans for seniors that are on the horizon, you might be confused by the different termings and abbreviations in the program. You may also be wondering how to know if you’re getting a good deal. Medicare Advantage plans 2020 are saving

If you’re familiar with your Medicare benefits, and you understand what is being offered under a Medicare Advantage plan, then you’re ready to know more about the program. You can find out what type of plan you’re going to be offered, and which benefits will be provided under the plan you choose. Here’s a look at the different types of plans that are offered by Medicare Advantage.The Standard Fee-For-Service Plan. The standard fee-for-service plan covers just about everything. It pays your doctor and medical provider a set rate for all services that are provided. As part of the standard fee-for-service plan, you’ll be responsible for your own deductibles, copayments, and coinsurance.

A Care Management Plan. Under a care management plan, your health care provider negotiates prices with the insurance company and is awarded a percentage of the costs so that the plans and its members pay the majority of the costs, which are then divided between your doctor and hospital.HMO or PPO. Under a quality improvement managed care plan, you can choose from a group of health care providers who participate in the plan, each of whom has their own rates for providers and services that they will accept, as well as their own set of contracts that they can enforce when disputes arise.

QHP or Preferred Provider Organization. The “P” stands for “preferred,” which shows that Medicare pays less than these plans due for services provided to Medicare beneficiaries.Specialty Fee-For-Service Plan. Under this plan, your choices for doctors are limited, so you’ll need to become a member of the network to receive any care. It also limits the amount of care you’ll be allowed to receive, but offers more choices for medication and treatments that might be necessary.

Chronic Care Plan. Chronic care plans are a managed care plan, in which you’re in charge of your own care and your own costs. Your doctor and the specialists involved work with you to come up with a payment schedule and reimbursement amounts.Private Option Part A. If you’re self-employed or your insurance plan doesn’t cover major illnesses, then you may need to enroll in certain illness plans offered by your employer.

Supplementary Supplemental Plan. These plans are not covered by your employer, so you’ll need to purchase them separately.Payment Discounts Plan. When you go to a doctor or hospital under a Medicare Advantage plan, you’ll be able to get payments for a portion of the services that you receive.┬áIf you are looking for a way to get the coverage and the affordability that you need, there is hope for the American dream. Read about all of the different options that are available.