Medicare Private-Fee-for-Service plans offer you the ability to see any doctor at a pre-determined cost. These plans offer great benefits, but may not be available in all areas.
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Hello, Medicare community. My name is Tara Pisano, your Medicare educator for Elite Insurance Partners and MedicareFAQ.com. In this video, we'll dive into what Medicare Advantage Private-Fee-For-Service plans are, how they work, and the benefits they offer to Medicare beneficiaries like you. Let's get started. Private-Fee-For-Service plans are a type of Medicare Advantage plan offered by private insurance companies that provide flexibility as a key benefit. With a Private-Fee-For-Service plan, you can visit any Medicare-approved healthcare provider as long as they accept the plan's terms and conditions. Unlike some other Medicare Advantage plans, Private-Fee-For-Service plans often do not have networks. This means you can choose your healthcare providers without worrying about having higher costs for out-of-network physicians. However, some plans do offer a network to lower your healthcare costs if you have to use the plan. It's important to understand your Private-Fee-For-Service plan's terms and conditions, as you may need to follow specific rules when using your plan, like obtaining prior authorization for certain services or procedures. Private-Fee-For-Service plans must cover all the minimum basic benefits of Medicare Part A and Medicare Part B and may offer additional benefits depending on the plan. Another great benefit of a Private-Fee-For-Service plan is that it will provide you with an out-of-pocket maximum amount. This means once you spend a certain amount on covered service is out-of-pocket in a calendar year your plan will cover the rest of your covered services in full. Once you are enrolled in a Private-Fee-For-Service plan, you'll pay the plan's premium, which can vary from one insurance company to another. Plus, You may also have co-pays, co-insurance, or deductibles for certain services. Like any other Medicare Advantage Plan, When you enroll in a Private-Fee-For-Service plan, you continue to pay your Medicare Part B premium. Thank you so much for watching. I hope you found this video helpful. If you did, make sure you subscribe to our YouTube channel. Don't forget to turn on notifications so you are notified each time we upload a new video. We also have a fantastic Medicare community on Facebook. We'll leave a link in the description below so you can join. Until next time. Bye bye.