For individuals who are eligible for Medicare benefits need to take certain important decisions regarding their medical healthcare insurance. These people may have to burn their pockets with certain unpredictably high expenses in spite of the fact that they have taken the decision to insure with Medicare. For instance, these policyholders need to consider whether to opt for a Medicare supplement, if they can afford to pay the premium. Again, these policyholders also have the option to decide whether to enroll for a Medicare Advantage Plan.
Enrolling for Medicare Advantage plans according to Delos H Yancey, President, CEO and Chairman of State Mutual Insurance Company is popular among individuals who are eligible for Medicare for a number of reasons regardless of the fact that it is not everyone’s cup of tea. In many cases, individual circumstances determine whether a Medicare policyholder will opt for a Medicare Advantage Plan. However, individual Medicare policyholders need to consider that there is no single Medicare Advantage plan that is suitable for everyone. It is imperative that they consider a Medicare Advantage plan that meets the following criteria.
As most of the individuals who are eligible for Medicare are sixty-five years and above, they need to consider spending within the limits of their budget. Enrolling for a Medicare Advantage plan gives such policyholders the benefit getting the highest out-of-pocket amount apart from the advantages that these individuals receive from their traditional Medicare. Moreover, as these individuals get coverage under that traditional Medicare scheme, they do not have to cap their share of the expenses towards covered services.
Another important reason why such individuals opt for Medicare Advantage plans is the high cost of Medicare Supplement premiums, which in some cases is beyond the limits of their budget.
Medicare Advantage Plans allow individuals eligible under traditional Medicare all the advantages of the Part A and Part B. However, many private healthcare insurance companies selling such insurance policies also provide benefits beyond the traditional Medicare.
In many cases, it is common for Medicare Advantage Plans to include Part D drug coverage but some Medicare Advantage plans also include extra coverage. These many be in the form of dental, hearing, vision, gym and healthcare centre membership along with transportation. Medicare supplementary policies seldom provide extra coverage and such healthcare insurance policies do not have in-built drug coverage.
All-inclusive healthcare plan
Individuals who want a healthcare insurance plan that includes their benefits under traditional Medicare along with Part D drug coverage benefits, they need to consider opting for Medicare Advantage plans. Moreover, individuals who enroll in a Medicare Advantage plan along with drug benefits limit their interaction with only one healthcare insurance company.
Unless an individual is within his/her Medigap Open Enrollment Period or eligible for Guaranteed Issue Rights, he/she will be dependent upon medical underwriting when purchasing a Medicare Supplement. Moreover, many states it is mandatory for healthcare insurance companies not to offer Medicare supplemental coverage to individual below that the age of sixty-five years. In the states that allow such healthcare insurance companies to provide such coverage, the premium for such individuals is very high.
These are the reasons for the popularity of Medicare Advantage plans says Delos H Yancey in the USA.