Medicare Part C, also known as Medicare Advantage, are plans offered by private insurers that provide all your Part A and Part B coverage. Medicare Advantage Plans allow you to get your Medicare benefits through a private insurance company. These Medicare Plans may offer additional benefits that Original Medicare does not cover, such as vision, hearing, dental, and more. With Medicare Part C costing an average of $23 per month in 2023, understanding your options can help you find the most affordable Medicare Plan.
Getting Medicare can be confusing. Medicare Part A covers hospital insurance, Part B covers medical insurance, and Part D covers prescription drugs. Medicare Part C provides another option by combining Parts A and B, and sometimes Part D, into one plan. This article will explain what Medicare Part C is, look at average costs, show what plans cover in 2023, and help you learn how to enroll. Read on to find out, “How much does Medicare Part C cost?”
What is Medicare Part C?
Medicare Part C, also called Medicare Advantage, offers an alternative way to get your Original Medicare, or Part A and Part B, coverage. Private insurance companies approved by Medicare provide Part C plans. All Medicare Advantage Plans must cover everything Medicare covers. Some plans offer extra benefits Original Medicare does not cover like vision, hearing, dental, and more.
How Much Does Medicare Part C Cost on Average in 2023?
In 2023, the average monthly premium for a Medicare Advantage Plan is around $23. This is an decrease from an average of $26 per month in 2022. Costs vary depending on which state you live in and what type of extra coverage the plan provides. Some plans have a $0 premium, while others with extra benefits may cost over $100 per month.
Medicare Part B premiums also need to be paid in addition to the Part C premium. The standard Medicare Part B premium in 2023 is $164.90 per month. Higher earners may pay more.
Overall, the total average out-of-pocket cost for Medicare Part C is about $188 per month. However, costs can range from around $165 per month for a $0 premium plan, up to $300 or more per month for plans with extra benefits and higher premiums.
What Does Medicare Part C Cover?
Medicare Advantage Plans must cover all of the services Original Medicare covers, including:
- Medicare Part A: Hospital and inpatient care
- Medicare Part B: Doctor visits, outpatient care, preventive services, medical equipment
- Urgent care
- Emergency care
- Prescription drugs – Some plans include Part D prescription drug coverage. Others require you to enroll in a separate Medicare Part D Plan if you want drug coverage.
In addition to covering everything Original Medicare covers, most Medicare Advantage Plans provide extra benefits such as:
- Vision care – eye exams and eyewear reimbursement
- Hearing coverage – hearing exams and hearing aids
- Dental coverage – cleanings, fillings, crowns and other dental services
- Gym membership reimbursement
- Over-the-counter drug and supply allowance
- Transportation to medical appointments
The extra benefits each Medicare Advantage Plan offers will vary, so be sure to compare plans.
What Are the Different Types of Medicare Part C Plans?
There are a few main types of Medicare Part C plans:
- HMO – Health Maintenance Organization plans usually require you to see in-network providers. You may need referrals to see specialists. HMO premiums tend to be lower.
- PPO – Preferred Provider Organization plans allow you to see out-of-network providers, usually at a higher cost. You typically don’t need referrals for specialists. PPO premiums tend to be higher.
- PFFS – Private Fee-For-Service plans let you choose any provider who accepts the plan’s terms. The provider submits claims to the private insurer for reimbursement. These plans typically have higher premiums.
- SNPs – Special Needs Plans provide focused care for specific groups of people, like those with chronic illnesses. SNPs provide customized benefits.
When choosing a Part C Medicare Advantage Plan, look for one that includes your preferred doctors, hospitals and pharmacies in-network to help minimize your out-of-pocket costs. Also look for extra benefits that provide value to you.
How Do I Enroll in Medicare Part C?
If you currently have Original Medicare and want to switch to a Medicare Advantage Plan, follow these steps:
- Find plans in your area through the Medicare Plan Finder tool on Medicare.gov. Compare coverage, premiums and ratings.
- To enroll in a Medicare Part C plan, call the plan provider directly. You can enroll during the Annual Election Period from October 15 to December 7 each year for coverage starting January 1.
- Your Part C plan will send you a confirmation letter showing your enrollment and effective date. You will be disenrolled from Original Medicare.
- You must keep paying your Part B premium. Some Medicare Advantage Plans also have a premium you’ll need to pay each month.
If you are becoming eligible for Medicare for the first time, you can enroll in Part C by:
- Contacting the Medicare Plan directly during your Initial Enrollment Period – the 3 months before, month of, and 3 months after your 65th birthday.
- Enrolling through the Social Security Administration or Railroad Retirement Board if you are applying for the first time.
Medicare Part C provides an alternative way to get your Medicare coverage that may save money and provide additional benefits. Understanding your options can help you find the most affordable Medicare Plan for your healthcare needs.
Can I switch back to Original Medicare if I don’t like Medicare Part C?
Yes, you can switch from a Part C plan back to Original Medicare during the Annual Election Period each year. You can also enroll in a stand-alone Part D Plan for drug coverage.
Knowing how Medicare Part C works and what it costs can help you find the right Medicare coverage option. Compare plans each year to find affordable healthcare that meets your needs.
The Bottom Line on Medicare Part C Cost
Medicare Part C offers a way to get your Medicare coverage through private insurance plans. Key takeaways on Medicare Part C cost:
- Average premium is $23/month in 2023 plus $164.90 for Part B
- Covers everything Original Medicare does plus extra benefits
- Plans range from $0 premium to over $100 per month
- Prescription drug coverage included with some plans
- Enroll during Initial or Annual Enrollment Periods
- Compare plans each year to find the most coverage at the lowest price
Understanding Medicare Part C costs and coverage can help you find an affordable Medicare option that meets your needs. With average premiums around $23 per month in 2023, Medicare Advantage Plans can provide a way to limit your out-of-pocket expense for healthcare coverage.
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You do not have to spend hours reading articles on the internet to get answers to your Medicare questions. Give the licensed insurance agents at Manatee Insurance Solutions a Call at (352) 221-3779. You will get the answers you seek in a matter of minutes, with no pressure and no sales pitch. We are truly here to help.
FAQS
How much does Medicare Part C cost in 2023 – 2024?
The cost of Medicare Part C, also known as Medicare Advantage Plans, can vary depending on several factors. These factors include the specific plan you choose, your location, and your income level. It is best to contact the individual insurance providers offering Medicare Advantage Plans in your area to get specific cost information.
What is a Medicare Advantage Plan?
A Medicare Advantage Plan is an alternative to Original Medicare (Part A and Part B) and is offered by private insurance companies approved by Medicare. These plans provide all the benefits of Original Medicare, and often include additional benefits such as prescription drug coverage, dental and vision services, and fitness programs.
How does Medicare Part C differ from Original Medicare?
Medicare Part C, or Medicare Advantage, is a way to receive your Medicare benefits through private insurance companies. These plans often offer additional benefits beyond what Original Medicare provides, such as prescription drug coverage and coverage for extra services like dental and vision care. With Original Medicare, you have more flexibility to see any doctor or specialist who accepts Medicare. With Medicare Advantage, you must use the doctors and providers within the plan’s network.
Can I still use Medicare Part C if I have Medicare Part B?
Yes, you can enroll in a Medicare Advantage Plan (Part C) while still having pay for Medicare Part B. In fact, most Medicare Advantage Plans require you to have both Part A and Part B in order to be eligible to enroll.
What is the average cost of Medicare Part C?
The average cost of Medicare Part C, or Medicare Advantage Plans, can vary greatly depending on the specific plan and location. Some Medicare Advantage Plans available have low or even $0 monthly premiums, while others may have higher premiums. Generally, you will still need to pay your Medicare Part B premium in addition to any premium for the Medicare Advantage Plan.
Can Medicare Part C cover prescription drugs?
A: Yes, many Medicare Advantage Plans include prescription drug coverage. These plans are known as Medicare Advantage Plan with Prescription Drug coverage (MAPD) plans. It’s important to review the details of the specific plan to understand what prescription drug coverage it offers and how much it will cost.
How do I enroll in a Medicare Advantage Plan?
To enroll in Advantage Plan premiums covered by Medicare, you can contact the private insurance companies offering these plans in your area. You can also visit the Medicare website or call Medicare directly for assistance with enrollment.
What are the Medicare enrollment periods?
There are several Medicare enrollment periods to be aware of. The Initial Enrollment Period (IEP) is the period when you first become eligible for Medicare. The Annual Enrollment Period (AEP), also known as the Fall Open Enrollment Period, occurs each year from October 15th to December 7th. During this period, you can make changes to your Medicare coverage, including enrolling in or switching Medicare Advantage Plans.
How do Medicare Advantage Plans in 2023 differ from current plans?
The specific details and benefits of Medicare Advantage Plans can change from year to year. In 2023, there may be updates to plan offerings, premiums, and coverage options. It is important to review the available Medicare Advantage Plans in your area each year during the Annual Enrollment Period to ensure you have the coverage that meets your needs. you can also add Medicare Supplement insurance or drug plan to make your coverage more valuable.
Are there any other Plan costs associated with Medicare Advantage Plans?
In addition to the monthly premium for a Medicare Advantage Plan, you may also have other out-of-pocket plan costs. These can include copayments, coinsurance, and deductibles for services received. It is important to review the specific details of the plan you are considering to understand all associated costs.
