The US Center for Medicare & Medicaid Services (CMS), reports that there are over 60 million Americans currently enrolled in a Medicare insurance plan today. These health insurance plans are provided by the US government to help patients pay for portions of their health care services received while the Medicare system pays for the rest. One additional layer to this provided plan is something called an Advantage plan. Knowing how to pick the right Medicare Advantage plan can simplify your life!
Learn more here on what each of these Advantage plans can offer.
What’s Medicare All About?
The Medicare system was launched in 1965. The goal of this system was to help eligible American senior citizens get health care coverage when they couldn’t pay for their own health insurance regardless of their income or medical history.
The Medicare insurance system provides a different level of health coverage for each qualified patient. Many times, people will misunderstand these different levels of coverage.
Currently, Florida Medicare law provides two original coverage plans that any eligible member can use today. Medicare Parts A and B are the original forms of coverage that were created in 1965. All members in today’s Medicare system have access to these original services.
Medicare Part A pays for costs like home health care or in-hospital fees. Medicare Part B pays for fees like a doctor exam co-pay expense, diagnostic test fee, or other medical equipment expenses.
What’s a Medicare Advantage Plan?
If you want a health insurance plan to cover your costs beyond what Florida Medicare Parts A and B cover, you can sign up for a Medicare Advantage plan that provides you with additional health coverage. Medicare Advantage Plans will pay for those out-of-pocket expenses that neither Medicare Parts A nor B will pay for.
Seniors can sign up for a Medicare Advantage plan from private insurance agencies that work with the federal government to help provide coverage above what Medicare Parts A and B provide. Both federal and state laws control the services provided in advantage plans to ensure that all plans have the same Original Medicare services.
There are currently ten different advantage Medicare plans that will provide patients additional services above what’s found in Medicare Parts A and B. Consider this Medicare comparison chart that spells out what each advantage plan offers today. Here’s a summary of each:
Medicare Advantage Plan C, not only includes coverage found in both Medicare plans A and B but also pays for alternative expenses like vision, hearing, dental, and wellness program costs for a higher fee-for-service. People who were eligible for Medicare before 2020 can enroll for Medicare Plan C benefits. New members after this date, will not be eligible.
Medicare Advantage Plan D is an additional benefit that pays for prescription drug coverage. Private insurance companies coordinate Medicare Plan D coverage. Enrollees who are members of Medicare A and B and live in a Medicare Plan D service area can sign up for this plan.
Another alternative option is Medicare Advantage Plan F. This plan covers nursing facility and hospice care co-payment expenses beyond what Medicare Part A covers. Medicare Part F can also help with 80 percent of any emergency medical expenses incurred while on foreign travel.
Plans K, L, and M
Medicare Advantage Plans K, L, and M are alike because they will only pay for some expenses that Medicare Parts A and B won’t cover. Medicare Plan K will cover 50 percent of nursing facility and hospice care co-pay fees while Medicare Plan L will cover 70 percent of these same costs. Medicare Plan M can cover 20 percent of these similar expenses.
Medicare Advantage Plan G also provides full coverage for hospitalization costs for 365 more days after Medicare Parts A and B benefits end. Hospice and nursing facility co-payments and blood transfusions are also 100 percent covered in Medicare Plan G.
Medicare Advantage Plan N offers lower monthly premiums than the other Supplement insurance plans. Medicare Plan N also pays for expenses such as ambulance, lab work, imaging, and other medical services.
Let Advantage Plans Simplify Your Life!
The services provided by each of these Advantage plans are far-reaching. Now that you know the basics of what each Medicare Advantage plan offers, here’s a breakdown of what the benefits are for enrolling:
Medicare Advantage plans include a variety of benefits, ranging from outpatient surgery to inpatient hospital costs for items such as walkers and wheelchairs. Other preventive care expenses like health screenings are also covered by these Advantage plans.
During the recent COVID-19 pandemic, Medicare-covered COVID-19 tests, vaccines, and treatments for all covered patients. CMS also extended all telemedicine and telehealth services that Medicare covers in response to the national health care system due to this pandemic.
Lower Monthly Costs
Most Medicare recipients don’t pay premiums for Medicare Part A services. the typical monthly payment for Medicare Part B benefits in 2021 was $148.50 per month.
The average monthly payment for Obamacare for a 40-year-old is roughly $452 a month. These monthly costs could increase for an older beneficiary.
If you’re 65 years or older and a US citizen or a legal resident who has been living in this country for more than 5 years, then you qualify for Medicare coverage. Members who qualify for disability benefits from the Railroad Retirement Board or Social Security also qualify. Other persons with Lou Gehrig’s disease or ALS will also qualify for these Medicare benefits.
Medicare Advantage plans are accepted in every US state and territory. You only need to ensure that you visit doctors, hospitals, or other providers that accept Medicare patients. Medicare Parts A and B won’t commit you to specific networks. That way, you’ll have Medicare coverage if you decide to travel to other states.
What Are Your Next Steps?
Ready to simplify your life and enjoy the benefit you worked your whole career to enjoy? Then your time is now. Schedule an appointment with your insurance agent. You’ll learn more about how each Advantage plan can complement your retirement future.
Don’t forget to check our website for more advice on signing up for Medicare. Let us help you find the best way to enjoy that benefit you deserve!