Medicare Part C originally passed with the Balanced Budget Act of 1997, and eventually became known as the Medicare Advantage Plan. With Medicare Advantage, Medicare beneficiaries have the option of getting their insurance through a private company.
Medicare pays these private companies a set amount every month for participating in Medicare Part C. Members usually pay a monthly premium to their private insurance company and a fixed amount for a co-pay when they see the doctor. Most co-pays are low, but they can be higher if you need to see a specialist.
In exchange, many beneficiaries feel they have more options with Medicare Advantage Plans, including the ability to pick and choose how much coverage they need for a particular service, and to opt for lower copayments, limits on out-of-pocket costs, and some insurance against catastrophic costs and medical debt. In addition, by opting for Medicare Part C many beneficiaries also get dental coverage and other services not covered by Medicare Parts A and B.
Medicare Part C coverage that includes Part D prescription drug coverage is known as Medicare Advantage Prescription Drug Plans, or MAPD.
It's very important to remember that if you should fall seriously ill or get injured, and you didn't opt for more extensive coverage in a private insurance plan, Medicare Advantage can leave you vulnerable to high medical bills or other costs. Always be aware of what is covered under your plan, of what isn't, and to what extent. You never know when something could happen, and the whole point of insurance is to be ready when it does.
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