Have you ever been in a sticky situation where you needed to see a doctor but were without any medical insurance? If you haven’t, consider yourself lucky. Millions across America have had to choose whether a medical issue is worth the ensuing bills. For those people, the CMS, or Centers for Medicare and Medicaid Services, have expanded their services with Medicare Advantage.
What Is Medicare Advantage?
Medicare Advantage provides Medicare benefits through a private insurer. Previously, Medicare only supplied inpatient and outpatient coverage. Users would have to purchase supplemental coverage for any gaps, including prescription drugs.
MA covers those gaps because the insurance is bought from the federal government but administered by a third-party insurance company. This reduces overhead costs for beneficiaries.
What Are the Downsides to MA?
One major downside to MA is the limited network. By operating through a private insurer, beneficiaries must stay “in-network” if they wish to receive insurance coverage. On the other hand, Original Medicare is accepted by virtually all healthcare providers nationwide. Before choosing to get MA, consider your needs and whether it is feasible to remain within your provider’s network.
By offering expansive programs such as Medicare Advantage, the CMS strives to bring affordable medical coverage to everyone in the US.
