Can’t decide which medical insurance plan should you go for? You must have come across with Medicare advantage plans while making your choice for the policy. But, your lack of knowledge on different plans keeps you restricted from making a final choice. Medicare advantage is said to be a health insurance plan which is designed by the private insurance companies for people who are above or below 65 years of age.
The original Medicare plan though offers different health care services, but it has certain limitations. The traditional plan does not offer 100% coverage to people in case of medical expenses. But, the newly designed Medicare advantage which is also termed as Medigap allows paying the costs that is not covered by Medicare.
There are few things that you should know while looking for the Medicare advantage plans:
- Federally standardized plan:
The plans that falls under this category provide equal coverage. So, whichever company you choose for to get the plan, you can expect to receive the same level of coverage and benefits. It is advisable to look for a company which has a good reputation and long track records.
- Flexible at any hospital and doctor nationwide:
Most of the insurance companies are network based, but it is not applicable when you opt for Medigap. The Medicare advantage plan gives you the opportunity to make use of the policy at any place within the country. Due to its flexible approach, the plan has become widely popular among people who travels at lot and can expect to get medical coverage in any part of the country.
- Claims paid through “crossover” system:
You cannot expect any variation in claim settlement among insurance companies. Being a federally standardized policy, the claim is paid in timely manner and minimal involvement is expected from the insured.
Eligibility for Medicare advantage policy
Medicare advantage plans work only in relation with the other Medicare Plan. It is important have Part A and Part B plans to become eligible for Medigap. Your application would be approved only if you are 65 or above. But, is it acceptable to enroll for the policy at any time? It is important that you apply within 6 months of initial enrollment of Plan B under Medicare.
There are certain circumstances where the pre-existing conditions can be waived. To get complete clarity on the policy, you always have the chance to contact the insurance agents. As the policies cover a single person at a time, therefore, you need to get separate policy for your spouse.