Enrolling in a Medicare Private Fee-for-Service (PFFS) Plan, which is a variant of Medicare Advantage Plan (Part C) provided by private insurance firms, is different from Original Medicare or Medigap coverage. The PFFS Plan sets its own rates for how much it will compensate healthcare providers and hospitals, and establishes the amounts you’re responsible for paying when obtaining medical services.
Indeed, you have the potential to decrease costs by simply covering the month-to-month premium for Part B and then seeking medical attention directly from doctors and hospitals. You’ll be exempt from the Part B deductible, and you’ll have the option to maintain your Medicare prescription drug coverage. The primary drawback of this option is that if you find yourself needing to stay in a hospital or a skilled nursing facility, you’ll be faced with immediate out-of-pocket expenses for your care, which could add up significantly. Additionally, you would need to compensate your doctor on your own for any medical services provided during your time in a hospital or skilled nursing facility.
Elder individuals stand to save an average of nearly $2,000 annually in overall healthcare expenditures when they choose Medicare Advantage (MA) plans over traditional fee-for-service Medicare, according to recent research findings.
