Medicare Advantage plans are sold by private insurance providers; these plans replace Original Medicare with benefits and service as good, and in some cases better, than Original Medicare. Because these plans are offered by private insurance companies, they may look and feel similar to plans offered by employers, which can provide some familiarity for Medicare beneficiaries.

Medicare Advantage Plans typically use HMO, PPO or PFFS networks. Below is the list of the Medicare Advantage Networks, and how they work.

Health Maintenance Organizations (HMO)

These networks have a specific network of select physicians and may require referral from a primary care physician before a patient can see a specialist. HMOs may also provide additional benefits, like coverage for deductibles and more.

Preferred Provider Organization (PPO)

A preferred provider organization allows customers to save money when they use a physician inside the plan's network. Customers are still able to see doctors outside the network, but might have to pay a higher cost.

HMO and PPO plans are the most popular types of Medicare Advantage plans.

Private Fee-For-Service (PFFS)

Private Fee-For-Service plans work similarly to that of Original Medicare, but the plan determines how much it will pay the physician or facility and how much the patient will pay out-of-pocket.

HMO “Point of Service” (HMOPOS)

A HMO “Point-of-Service" plan operates like a HMO but allows for some services to be covered by an out-of-network physician often for a higher copayment or coinsurance.

Medical Savings Account (MSA)

A Medical Savings Account plan combines a high-deductible plan with a bank account where money is deposited by the plan to be used for health care services.

There is also a type of Medicare Advantage plan called a Special Needs Plan. These are for individuals with certain chronic conditions and to people who qualify for both Medicare and Medicaid. All special needs plans must provide Medicare prescription drug coverage.

Medicare Advantage plans must cover all of the medically necessary services that Original Medicare covers. This includes hospital stays, doctor visits, preventive care, and more.

In addition, Medicare Advantage plans are popular because they also may provide additional benefits not offered by Original Medicare. One or more additional benefits may be included such as routine dental, vision and hearing, prescription drug coverage, fitness benefits and OTC cards.

When considering benefits, it's important to note that not all Medicare Advantage plans offer every benefit, and you may not have a Medicare Advantage plan with certain benefits in your area. In addition, SmartMatch does not sell every Medicare Advantage plan.

Medicare Advantage costs vary by plan. You will still have to pay your Part B premium, and some plans may have additional premiums. You'll also have copays, coinsurance, and deductibles, but many plans have a cap on your out-of-pocket expenses.

In addition, some Medicare Advantage plans offer low or no premiums; however, there may not be such a plan available in your area, and SmartMatch does not sell every Medicare Advantage plan.