According to recent federal statistics, over 28.5 million patients are registered in Medicare Advantage (MA) programs. Compared to last year’s period, that is about 9% higher. Currently, more than 40% out of 63 million Medicare beneficiaries are registered in a Medicare Advantage plan.
MA membership has been rising steadily recently. Between 2011 and 2020, it nearly doubled. Beneficiaries of the plan are anticipated to make up over fifty percent of the Medicare population by 2026.
One of the reasons behind the increasing popularity of Medicare Advantage plans is the unparalleled benefits for its members. In case you are unfamiliar, let us review each benefit senior citizens can acquire with an MA plan.
Affordability of the Plan
The first benefit of Medicare Advantage plans is that it helps its members save a lot of money, especially if you know how to properly compare Medicare advantage plans.
Original Medicare covers just 80% of medical expenses. The Medicare beneficiary must pay the remaining 20%. Meanwhile, the MA plan is different from the ordinary membership. With the MA plan, the member will only be responsible for a minimal copay, often less than 20% of a doctor’s appointment or operation cost.
What’s more, MA plans typically have a maximum out-of-pocket limit, which means that after you’ve reached it, they will cover 100% of all medical expenses. This alone could save you thousands of dollars annually, especially if hospitalization is necessary.
Offers Dental, Visual, and Hearing Coverage
The geriatric population’s most common problems are vision, hearing, and dental health. Although all of the senses can be compromised by aging, hearing and vision are typically the most impacted. Your hearing and vision may be enhanced by accessories like glasses and hearing aids and by modifying your lifestyle.
Additionally, there are also dental conditions that are associated with aging. These include dry mouth, periodontitis, root, and coronal caries.
Although these conditions can be managed, they may cost you a lot of money. That’s why it is vital to have an MA plan before you arrive at an age where you’ll suffer these conditions to help you with the expenses. The extra benefits offered by Original Medicare lack distinguish Medicare Advantage plans from other options.
These advantages include protection for dental work, vision work, hearing tests, and hearing aids. Original Medicare does not cover any of these crucial medical benefits. Also, most MA plans come with free prescription medicine coverage, but Original Medicare beneficiaries must enroll and incur a separate fee for Part D prescription drug coverage.
Medicare Advantage Programs assist members in cutting their medical expenses and provide larger advantages than Original Medicare.
Concentrated on Accessibility, Wellness, and Preventative Health
Maintaining good health requires access to affordable healthcare. You must live inside the plan’s service area and have Part A and Part B memberships to enroll in an MA plan. Keep in mind that Original Medicare is only applicable within the United States. Thankfully, a lot of MA plans provide international emergency protection.
The MA plans’ emphasis on your general well-being is another crucial healthcare factor to consider. They provide wellness-related and preventative benefits free of charge. It covers significant advantages like cost-free over-the-counter medications and fitness facility membership. Original Medicare does not offer such kinds of benefits.
As you age, you must be more mindful of your health. Having a Medicare Advantage plan will allow you to access the suitable intervention to help you live your life healthily with little to no cost.
Provide In-Home Care for Geriatrics
Most Medicare Advantage plans pay for non-skilled in-home care, such as assistance with managing medications, personal bathing and grooming aid, mobility support, and assistance with a colostomy or catheter bags.
Additionally, they offer postoperative or recovery services to clients to avoid issues and lessen the need for lengthy or urgent hospital admissions.
However, you need to consider that the perks and coverage offered by each Medicare Advantage plan vary. Some advantages differ from company to company since they are supplied through individual insurance providers rather than provided by the federal government.
Moreover, MA plans also vary by region. Researching the policies and services available in your area is encouraged before you acquire a plan. The Medicare Plan Finder tool helps seniors locate affordable plans in their city or state.
Medicare Advantage Covers Alzheimer’s Care
Alzheimer’s disease, a type of dementia, is a common condition among the geriatric population. Medicare may cover Alzheimer’s patients under 65 who have early-onset Alzheimer’s. Early-onset Alzheimer’s frequently manifests in people in their 40s or 50s.
After collecting disability payments for 24 months, you or your family member afflicted with early-onset Alzheimer’s will be eligible for Medicare.
The Original Medicare plans (A and B) normally cover most Alzheimer’s patient care. However, additional insurance plans can be acquired, such as the MA and prescription drug plans (Part D). Adding these other insurance plans will broaden your benefits if you are diagnosed with Alzheimer’s.
Offers Coordinated Medical Care
A coordinated care plan is a category of Medicare Advantage plans. It consists of preferred provider organizations, Special Needs Plans, Health Maintenance Organizations (HMOs), and HMOs with a point-of-service option.
The Medicare coordinated care plan has four different types which are:
- Health Maintenance Organization (HMO) Plans: Private Medicare Advantage plans called Medicare Health Maintenance Organizations (HMOs) offer you similar benefits as Original Medicare. Unless in cases of emergency, using a medical facility, doctor, or other healthcare providers within the HMO network is usually a requirement of membership.
- Preferred Provider Organization (PPO) Plans: A Medicare Advantage plan offered by private insurers is known as a preferred provider organization (PPO). PPO plans give you access to a network of medical professionals from whom to choose for your medical treatment. Compared to providers outside of the PPO, you’ll pay less out of pocket for care from these providers.
- Point-of-Service (POS) Plans: Point-of-service (POS) plans for Medicare Advantage are Medicare Advantage plans plus aspects of PPO and HMO plans. POS plans generally have lower costs but offer fewer options, although you can still use out-of-network medical services with them.
- Special Needs Plans (SNPs): A Special Needs Plan (SNP) is a kind of Medicare Advantage insurance program created to cater to the special medical needs of persons with particular conditions or traits. SNPs can be crucial in the special needs planning process for those with disabilities or long-term illnesses.
Final Thoughts
Compared to other Medicare plans, Medicare Advantage Plans can offer you more benefits as you age. Acquiring an MA plan is highly recommended to ensure you’ll be well cared for as you age.
However, the plans do differ from each other, with varying features and rules. As such, it’s important to carefully research the plans available to you before making a decision.
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Luke Smith says
I like that you mentioned how Medicare Advantage plans could help its members save a lot of money. I heard medical bills are quite high right now, so we are looking for some ways how we could lower the costs, just in case. Having insurance sounds like a good decision, so we should probably get one for our grandparents.