As you get older, it is normal to have more health concerns. Our bodies deteriorate over time and some diseases can become more common. The risk of injuries are greater, as well. Simply put, as people get older, they need to be more careful. Not only can these injuries and health concerns be painful, annoying and debilitating, but they can also be expensive.
Healthcare costs can rise up into the thousands of dollars for more, for a variety of different issues. As a result, while having good health insurance is always important, this is especially true for individuals as they get older. However, what sorts of health insurance options are available to you?
While there are several potential options, one that you should consider is a Medicare Advantage Plan. Unsure of what a Medicare Advantage plan is? If so, you’ve come to the right place. This guide is going to not only introduce you to a Medicare Advantage plan, but will also show you all of the benefits so you can make an informed decision when it comes to your health insurance.
What is a Medicare Advantage Plan?
In the US, Medicare is a national health insurance program of the US. it first came into existence back in 1966 and currently, tens of millions of Americans utilize it to get their health insurance. While some younger people with disabilities or other life circumstances can use it, Medicare is largely for those over 65 years old.
Medicare is made up of several different parts which include Part A, Part B, Part C and Part D. Part C of Medicare, which is also known as Medicare Advantage Plan, is essentially an “all-in-one” plan when compared to original Medicare. Original Medicare is made up of Parts A and B, which are hospital and medical insurance, respectively.
Original Medicare is offered by the government, but a Medicare Advantage plan is offered by private companies. They essentially work with Medicare to provide you with all of the benefits of Medicare Parts A and B, as well as the potential for some extras.
Joining a Medicare Advantage plan is simple as long as you are qualified to do so. You must join them during an open enrollment period, which can differ depending on where you live in the country. Joining is as easy as using the plan finder, joining online, filing a paper enrollment form or even potentially calling in.
Most Medicare Advantage plans fall into one of two categories or types, HMO or PPO. An HMO (Health Maintenance Organization) is a plan where you must generally get your healthcare from providers within a certain network. A PPO (Preferred Provider Organization) will allow you to work with any doctor or provider, but still, working with someone in-network will be cheaper.
However, there are other types of plans available, these two are just the most popular and common. So what are the benefits of going with a Medicare Advantage Plan over a traditional original Medicare plan? Well, there are a couple of them.
What are the benefits of a Medicare Advantage Plan?
The first benefit of a Medicare Advantage Plan is that they often come with prescription coverage and other types of additional coverage. This can include vision, dental and hearing. These types of things are not covered by original Medicare, so you will need to pay out of pocket for them, which can be expensive.
Speaking of out of pocket, another benefit of a Medicare Advantage plan is that there is a cap or limit to out of pocket spending. This will prevent anyone from becoming financially ruined due to out of pocket spending for medical care. With original Medicare, there is no limit so people can spend a fortune on out of pocket expenses in some cases.
These plans are also more flexible and customizable than simply opting to go with original Medicare. You can choose what is and isn’t included, to make sure you get the coverage you need, and none that you don’t.
So while there are many benefits of a Medicare Advantage plan, and they work for many people, they aren’t perfect for everyone. You need to evaluate your needs and the needs of your family, and compare all of the options you have access to.
If you have any concerns or questions about Medicare Advantage, be sure to ask an expert or trusted professional in your area. They should be able to help you out and answer the questions you may have. There is no shame in asking.
In conclusion, we hope that this article has been able to help show you all of the benefits of a Medicare Advantage plan. Be sure to do an adamant amount of research before deciding to go with any health insurance plan, of course.