For additional information on aspects of the Medicare Advantage Plan, please also see:
We are fortunate to have a health care system available for seniors. All good things, however, have their flaws. Medicare is no exception.
Each one of us seeks the best health care coverage we can find at the lowest cost. There are options beyond the Original Medicare Plan that might give you more benefits for lower copayments. Medicare Advantage Plans and a few other health plans could be right for you. We’ll discuss these options here.
First, let’s consider the weak points of the Original Medicare Plan. For one thing, costs can add up with all of the deductibles and copayments. Each hospital stay, for example, costs you $952 right off the bat. That’s before other copyaments, lab fees and drug costs. Refer to Your Costs in the Original Medicare Plan for other examples of out-of-pocket cost possibilities.
What’s more, the Original Plan was designed to cover hospital visits primarily. It does that relatively well. It does less well in the area of in-home and long-term care.
Not all conditions heal quickly. Some may require an extended stay in a nursing home. For others, you may be able to go home but need assistance with day-to-day tasks such as cooking, bathing or getting out of bed. If you pay for either nursing home or in-home services yourself, the costs add up quickly. Review our Long Term Care feature to understand more about the unique needs and expenses of Long Term Healthcare. Medicare does not do much to cover these situations, and individuals suffering from prolonged illness frequently require supplemental coverage.
Preventive health care is another area that many people feel the need for better coverage. Except for one “Welcome” physical exam to Part B, Medicare leaves the cost of routine check-ups up to you.
Medicare Advantage Plans address these shortcomings. They are plans administered by private health insurance providers in conjunction with Medicare. In most cases, they offer extra benefits and lower copayments than the Original Plan. The Advantage plans may require you to see a certain doctor or go to a certain hospital, however, for your health care.
One nice aspect of Medicare Advantage Plans is that you retain all your rights as a Medicare consumer. Also, instead of paying various premiums (as with a Medigap plan), you just pay once—the premium covers Parts A, B and Prescription Drug coverage, whichever apply, in addition to your Advantage policy.
If you are looking for a Medicare plan that does not qualify as a standard Advantage plan, please click here >>
There are four types of Advantage plans offered:
Learn more about the coverage options and benefit choices available to Medicare Advantage members >>
Request a free quote from Health Insurance Carriers in your state >>
