What is Medicare Part C?
If you are asking this question I am sure that you probably heard about it on one of the many Medicare commercials airing on TV. Medicare Part C is simply just another name for Medicare Advantage plans. Medicare Part C replaces Original Medicare (Parts A & B), and is offered to you by private health insurance companies. Part C plans are required to cover everything that Original Medicare offers, minus Part A hospice care. While Original Medicare offers many of the essential benefits, many individuals opt for Part C plans due to the additional benefits they offer on top of the essentials. We will dive into them below.
Part C Benefits
Hospital Insurance (Part A)
This portion of benefits includes inpatient hosptial care, skilled nursing and some home healthcare needs.
Medical Insurance (Part B)
This portion includes doctor's office visits, outpatient services and surgeries, preventative healthcare and some durable medical equipment.
Prescription Drug Coverage (Part D)
Drug coverage is included within Medicare Part C plans. It is often times just as good as stand-alone drug plans, but cannot be adjusted.
Additional Benefits
Many Part C plans offer additional benefits in the form of dental, vision, hearing, OTC and fitness benefits. They also offer out-of-pocket maximums on these plans so that if you have a very bad health year you will have a limit on the amount spent on copays throughout the year.
Notable Drawbacks
The main notable drawbacks to Part C plans include, a network of providers that must be utilized for care to limit costs, copays for services, and the inability to adjust the built in drug plan to your liking.
