If you didn’t know, these acronyms are used to identify the type of Medicare Advantage plan being offered. HMO plans are considered to be the most limited plans, though they offer the perk of being less expensive.
If you are curious about what a Medicare Advantage HMO plan can offer you, here’s everything you need to know.
Medicare Advantage plans are privately offered insurance plans that are approved by the Medicare program. These plans offer the same benefits as Original Medicare at a minimum, though they can offer more benefits as well. With Medicare Advantage, you have more control over your benefits and you can choose from different plans. There are also different plan types to choose from with Medicare Advantage.
HMO plans are very common types of insurance. HMO stands for Health Maintenance Organization. Rather than you being able to see any doctor in the Medicare network, you can only see providers within your plan’s network. This may include some Medicare network participants, but HMO plans are generally more limited than Original Medicare.
HMO plans don’t allow you to see providers that are outside of your network. If you do choose to seek care or services from doctors or other health care providers that aren’t in the plan’s network, you will be required to pay the full cost out-of-pocket.
The exception to this rule is in the case of emergency care and out-of-area urgent care.
Medicare Advantage HMO plans are required to offer the same basic benefits as Original Medicare. In addition to your Part A hospital insurance and Part B medical insurance benefits, you also have the option to include Part D prescription drug coverage benefits in your plan. On top of that, you can find extra benefits in many plans. These extra benefits include dental, hearing, and vision coverage, as well as other benefits like meal delivery and coverage for transportation to and from medical appointments.