Medicare Advantage plans are also commonly referred to as Medicare Part C. This Medicare option is when you select a private insurance company (Ex: Anthem, Humana, United Healthcare/AARP) to provide your Part A, B and D benefits, in one plan. These plans usually have both HMO and PPO options to choose from.
Medicare Advantage plans will typically have a lower monthly premium than a Medicare Supplement. With a Medicare Advantage plan you will need to use the plans network of providers to maximize benefits. These plans offer co-pays for primary care doctors and specialists. In most cases, Medicare Advantage plans will include Part D (prescription drug) coverage within the plan. In addition, these plans will offer an annual Maximum Out of Pocket to help limit your exposure and costs.
Each year during open enrollment you can change your Medicare Advantage plan with only one medical question. So, if you find that your doctor has moved networks, or your medications are getting more expensive, you have the option to look into other carriers to cover you better.