Medicare advantage plans 2017 have six major and basic types available in market, and good thing is that majority of these types includes prescription drug coverage service. So, let us discuss each of these types one by one:
1) Health Maintenance Organization (HMO)
As name suggests in this type, Medicare plan is contracted to a Health Maintenance Organization which in turn offers you range of hospitals and doctors which are bound to take care of you with prevention being their top priority. HMO plan gives you opportunity to obtain more benefits than Original Medicare and also offers you a vast range of Medicare supplement plans. Working of an HMO plan is very strict because you might not receive coverage if you go out of HMO network without approval.
2) Health Maintenance Organization having a Point of Service Option
It is a flexible version of standard Health Maintenance Organization because it allows customer to look for medical care even outside of HMO network but only for some specific problems or with some set of rules. A customer might have to pay an additional fee for usage of this variant of HMO.
3) Preferred Provider Organization
It is also known as PPO plan. Preferred provider organization also offers you a network of hospitals and doctors just like HMO plan. It is very similar to HMO plan that it also offers more benefits than Original Medicare and many supplement plans. Difference is that it allows its customers to go for doctors and facilities even on outside of network for higher copay.
4) Private Fee-For-Service
Enrolling in a medicare advantage plan in 2019 is a way customers can reach to any of doctors or hospitals who are Medicare-approved and agree to terms and conditions of plan. Just like some other types this type also offers you additional benefits which are not covered by Original Medicare.
5) Medicare Special Needs Plans
This health insurance Advantage plan is not meant for everyone because as name suggests this plan is offered only to those people who suffer from certain special chronic conditions such as high stage Diabetes or any other special problem.
6) Medicare Medical Savings Account
It is scheme which is structured in such way that both expensive health scheme and banking account in which scheme submits certain fixed amount each year merge. Amount which is deposited in customer’s banking account by scheme is used by customer to pay both Medicare Part A and Part B charges and once customer meets his scheme deductible than health insurance scheme agrees to pay for any more Medicare-supported services.